Indian spacetech startup EtherealX has successfully secured its initial institutional funding from investors including Campus Fund, BlueHill Capital, and Riceberg Ventures. The funds raised will primarily support the development of the startup’s 40-kilonewton, privately developed semi-cryogenic rocket engine, according to reports from the Economic Times.
Founded in 2022 by Shubhayu Sardar, Manu Nair, and Prashanth Sharma, EtherealX aims to pioneer the creation of reusable rockets capable of bringing both rocket stages back to Earth after launch. This ambitious endeavor places them in a similar league as Elon Musk’s SpaceX, which currently stands as the primary commercial operator of orbital launches utilizing reusable rockets, especially in the medium-lift and heavy-lift categories.
One of EtherealX’s flagship projects is the Razor Crest Mk-1, envisioned as the world’s first fully reusable medium-lift launch vehicle. The model is designed to dispatch payloads of up to 24.8 tonnes to the Lower Earth Orbit (LEO) in an expendable configuration, 22.8 tonnes in a partially reusable configuration, and 8 tonnes in a fully reusable configuration to 400 kilometers LEO.
Campus Fund, one of the contributing investors, had recently announced its second fund of Rs 75 crore (approximately $9 million), which garnered significant oversubscription by 37%.
In recent years, the spacetech sector has witnessed a surge in funding for startups such as Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara, and InspeCity.