SCOPE Ventures Invests $2.5 Mn In Jainul Abedin's Abyom SpaceTech
Earlier this year, SCOPE introduces a USD 50 million VC fund under its investment arm SCOPE VC
SCOPE, under the leadership of Appalla Saikiran, makes USD 2.5 million investment in Abyom SpaceTech and Defence Private Limited, a visionary startup focused on advancing reusable rocket technology and space infrastructure. This investment is part of a total Seed Round of USD 5.4 million, aimed at propelling Abyom SpaceTech towards achieving its ambitious goals in the space exploration sector.
Appalla Saikiran, Founder and CEO of SCOPE, shared his excitement about the investment: "We are thrilled to announce our investment of USD 2.5 million in Abyom SpaceTech, a pioneering startup dedicated to developing reusable rockets and space infrastructure. We are proud to lead their Seed Round of USD 5.4 million, supporting Abyom's mission to advance their Technology Demonstration Vehicle. This strategic investment underscores our commitment to fostering innovation in the space industry and supporting groundbreaking technologies that will revolutionise space exploration."
Jainul Abedin, Founder and CEO of Abyom SpaceTech, expressed his gratitude for the partnership, stating, "We are deeply honoured and excited to have Scope Ventures as a key partner in our journey at Abyom SpaceTech. Your belief in our vision to revolutionize space exploration with reusable rockets and advanced infrastructure fuels our determination to push boundaries and create a sustainable future in space technology. Together, we are charting a new course in the Rocket Journey, and we eagerly look forward to onboarding more visionary partners soon!"
This strategic investment by SCOPE Ventures will enable Abyom SpaceTech to accelerate its research and development efforts, expand its team, and make significant strides in the space exploration sector.
As part of the broader mission, the funds will also be utilised to expand Abyom’s talented workforce to over 50 employees, bringing fresh expertise and innovative ideas to propel the development of cutting-edge space technology. Additionally, Abyom plans to accelerate its R&D initiatives to bring new breakthroughs in the development of space infrastructure, including the establishment of Plug and Play Rocket Engine Testing facilities across India.
“We are grateful to SCOPE Ventures for their belief in our vision. Together, we are embarking on a transformative journey to revolutionize space technology and make it accessible to future generations. This funding will also help us address the most pressing challenges in space infrastructure development." said Jainul Abedin.
Earlier this year, SCOPE announced a USD 50 million VC fund under its investment arm SCOPE VC, to invest in startups. In addition to providing financial support, SCOPE VC plans to adopt a Y Combinator stype cohort model to provide selected startups mentorship, Corporate connections and strategic resources. “We plan to build cohort of startups and provide them with access to mentors, corporate partners and other resources they need to succeed,” Saikiran said.
