Latest news with #MGFKavachh
Time of India
6 days ago
- Business
- Time of India
Hyd startup EON Space Labs raises $1.2M in Pre-Series A funding
Hyderabad: EON Space Labs, a Hyderabad-based deeptech startup focused on building advanced imaging technologies, has raised $1.2 million (approximately 10.5 crore) in a Pre-Series A funding round from MGF Kavachh and HHV Advanced Technologies, both of whom have also come on board as strategic partners. Tired of too many ads? go ad free now Set up in 2022 by three former LV Prasad Eye Institute (LVPEI) employees—Punit Badeka, Sanjay Kumar, and Manoj Kumar Gaddam—the T-Hub and IIT-Madras incubated EON is building miniaturised, high-resolution imaging systems for use in satellites, drones, unmanned aerial systems, and fixed ground platforms. The company was also a winner of one of the iDEX (Innovations for Defence Excellence) challenges and Ramaiah Evolute. The startup said the funds will support the launch of MIRA, touted as India's lightest high-res space telescope that is three to four times lighter and smaller than currently available space telescopes, later this year in a mission in collaboration with another Hyderabad-based startup, TakeMe2Space, that plans to launch India's first AI laboratory in space aboard Indian Space Research Organisation's launch vehicle. "MIRA is a monolithic telescope that has been manufactured using ultra-precision technology and is made from a single piece of fused silica glass, a space-qualified material. We reduced the moving components into one single block of pure silica glass," Badeka said. The fundraise will also help fund the launch of four new LUMIRA electro-optical and infrared (EO/IR or day & night) imaging systems designed for long-range detection of humans, vehicles, threats, and UAVs to enhance surveillance capabilities for both drone and ground-based platforms for surveillance and disaster response. Tired of too many ads? go ad free now The LUMIRA variants will target up to 85% of the use cases in the global EO/IR surveillance market, which is currently pegged at around $11 billion. EON already bagged multiple commercial orders for LUMIRA following successful proof of concept demonstrations.
Time of India
02-07-2025
- Business
- Time of India
NIT-R alumni's defence tech startup receives Rs 17cr funding
Rourkela: A defence tech startup specialising in underwater robotics, founded by two NIT Rourkela alumni, has secured $2 million (around Rs 17 crore) in pre-Series A funding from MGF Kavachh, a Sebi-registered venture capital fund launched by former defence secretary Ajay Kumar. Coratia Technologies Pvt Ltd, founded by Debendra Pradhan and Biswajit Swain, has been operating from the Foundation for Technology and Business Incubation (FTBI) at NIT-R for the past three years. The equity-based funding will support the expansion of R&D operations at the startup's Rourkela headquarters and establish production offices in Bengaluru and Bhubaneswar. Pre-Series A funding is designed to provide additional capital to startups that have achieved some early traction and need to further develop their product, build customer base and demonstrate market viability before securing a larger Series A investment. "This funding is a strong vote of confidence in our vision and technology," said Debendra Pradhan, CEO & co-founder of Coratia. "Our underwater robots can detect damages or threats beneath the surface to structures like bridges and dams, with potential applications in sensitive defence operations." The investment from MGF Kavachh, which specialises in backing defence-critical and technologically advanced solutions, comes after months of discussion. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like We Can't Believe She Wore That To The Red Carpet Golfhooked Read More Undo Col Sarjeet Yadav, venture partner at MGF Kavachh, emphasised that the investment is a strategic endorsement of Coratia's pioneering contributions to the underwater robotics sector. "We're proud to support their growth and help build India's capabilities in the underwater domain," said Raj Sethia, managing partner, MGF Kavachh. "Every startup we back contributes to building a safer, stronger India." The funding will also facilitate the development of advanced autonomous underwater vehicles (AUVs), sonar systems and swarm technologies, along with strategic hiring to scale operations and defence integration. Swain, chief technical officer, highlighted the startup's strong research foundation at NIT-R, crediting the institute's support and involvement of professors for their technological edge.
