Astrome Technologies, a Bengaluru-based startup specialising in providing telecommunication services to telecom service providers, enterprises and defence, has raised a total of USD 3.4 million in its latest round of funding led by IAN Fund, Germany based Urania Ventures and US-based Cognizant’s founder Lakshmi Narayanan.
A statement released to the press on September 28 stated that others to join the funding round included investors such as Impact Collective of South Korea, ArtPark of India and a consortium of US-based angel investors.
The statement further read that the reason for this funding round is to help Astrome Technologies “expand into the US market, strengthen global operator trials, and further commercialisation of its core technology through new products”.
Moreover, the Co-Founder of Astrome, Dr Neha Satak, commented on the company’s growth since its inception in 205. She said, “Our first two products, GigaMesh and GigaSat have a combined addressable market of USD 34 billion, globally. This market is expanding quickly due to the rising need for mobile and broadband communication infrastructure as a result of the change in lifestyle in the last 2 years.”
These plans of expanding into the US market have been in the making since the company signed its first overseas deal with a South-East Asian telecom operator in 2021.
Prior to the funding, the company had also signed a contract with Indian Defence forces to deploy their pioneer product GigaMesh for “fulfilling the strategic communication requirements of the country”, the statement said.
GigaMesh, a wireless-fibre product that accelerates the deployment of 5G and rural broadband infrastructure, had won the International Telecommunication Union’s (ITU) Virtual Digital World SME award for the most promising innovative solution in connectivity in December last year.