Catalyx Space Bags Funding To Build Satellite Bus
Summary
Spacetech startup Catalyx Space has secured $1.7 Mn (around INR 14.7 Cr) in its pre-seed funding round led by HF0 Residency, along with participation from Founders, Inc. and a host of Silicon Valley and sovereign fund investors.In a LinkedIn post, the company said that the fresh capital for product development, including building of a 100 kg satellite bus and technology demonstration for re-entry capsules.These funds are crucial for the expansion of Catalyxs product offerings and customer base, Rifath Shaarook, founder and CEO, Catalyx Space told Inc42.Founded by Rifaath and Clinton D Antony in 2024, Catalyx Space offers unmanned space labs and re-entry capsules for multi-purpose operations, such as research, manufacturing, biotech, semiconductors, defense, AI-edge computing, advertising and more.It helps companies and research institutions to build, launch, test, and refine their solutions and products.Additionally, the company offers end-to-end services for satellite building and payload integration.Catalyx claims to have partnered with more than 26 space missions and 24 sub-orbital payload launches. Moreover, it also claims to have launched one orbital satellite.By providing standardised APIs and mass-manufactured satellites, Catalyx hopes to lower the barriers for developers working on payloads, Rifaath said.According to Rifaath, in FY24, the company clocked about $500,000 (INR 4.3 Cr) in revenue and plans to target a turnover of $10 Mn by the end of 2025. Moreover, it has plans to close another round of funding by May 2025.The Indian government has rolled out various schemes to support the spacetech ecosystem in the country.In last years budget, finance minister Nirmala Sitharaman announced the governments intent to establish an INR 1,000 Cr VC fund. Moreover, to give a boost to the sector, the centre introduced a 0% GST regime for the spacetech sector in India.According to Inc42s research, the spacetech sector is estimated to reach a market size of $77 Bn by 2030.