Dhruva Space has raised $15 million in its Series A funding round, while Accacia has closed a $6.5-million pre-Series A round led by Illuminate Financial.
Dhruva Space raises $15m from IAN, Blue Ashva, others
Spacetech startup Dhruva Space has raised $15 million (Rs 123 crore approximately) in its Series A funding round from investors including Indian Angel Network Alpha Fund and Blue Ashva Capital, as well as Silverneedle Ventures, BIG Global Investment JSC (BITEXCO Group) IvyCap Ventures, Mumbai Angels, and Blume Founders Fund.
The financing includes a Rs 10-crore venture debt from the Small Industries Development Bank of India (SIDBI) and Rs 14-crore venture debt from the Technology Development Board, per a company announcement.
Dhruva will use the funding proceeds for the development of the first phase of its spacecraft manufacturing facility – approximately 1.2 lakh square feet – of the total 2.8 lakh square feet.
The facility will be located in Shamshabad, Telangana, it said in a statement.
“With the increasing demand for satellites and satellite-enabled services globally, the funding will be instrumental in supporting the industrialisation and manufacturing of Dhruva Space’s full-stack products, enabling significant team growth, increased development of capability and infrastructure, and fuelling the international expansion of our business,” said Sanjay Nekkanti, Chief Executive Officer and co-founder, Dhruva Space.
Accacia snags $6.5m led by Illuminate Financial
Accacia, a decarbonisation platform focusing on the real estate and infrastructure sectors, has closed a $6.5-million pre-Series A round led by Illuminate Financial, a specialist VC firm focused on enterprise fintech companies.
Southeast Asia-based AC Ventures also participated in this round alongside early backers Accel and B Capital, according to a company announcement.
“This funding comes at a crucial juncture as the Securities & Exchange Commission (SEC) and Singapore Exchange (SGX) have announced regulations on carbon emissions reporting, underscoring the urgent need for comprehensive and real-time climate risk data. We have already deployed our solution to over 25 million sq ft of real estate and are poised to leverage this opportunity and scale globally,” said Annu Talreja, founder and CEO at Accacia.
Founded in 2022 by INSEAD alumni Annu Talreja and co-founders Piyush Chitkara and Jagmohan Garg, Accacia offers an AI-enabled SAAS platform that helps real estate asset managers, owners and developers track their emissions, and design their decarbonisation journey.
