IAN Angel Fund, the evergreen fund of IAN Group, has invested in an early-stage funding round in InterCosmos, a next-gen in-space transportation company. The investment will help the company accelerate the development and flight qualification of its flagship propulsion technology, HyperX, and build its first in-flight demonstration.

This investment will be utilized to develop HyperX’s first in-flight demonstration and augment research and engineering capabilities to prepare HyperX for real-world space missions. The company is focused on demonstrating performance in orbit.

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This will be a critical milestone, as flight heritage is essential for adoption by customers and to enable commercial partnerships.

This investment by IAN Angel Fund reflects the growing investor interest in India’s spacetech industry. In fact, this investment underlines IAN Group’s focus on deeptech, with early-stage capital going into startups building critical infrastructure for the future of India’s, and eventually the global, space economy.

Headquartered in Chennai, with operations in Trivandrum, InterCosmos is targeting customers such as satellite manufacturers, spacecraft developers, and mission operators. These customers require reliable and safe propulsion systems for a wide range of applications, including satellite maneuvering, orbital mobility, launch vehicle upper stages, and future deep-space missions.

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Gokul, Co-founder & CEO, InterCosmos says, “This investment marks a significant milestone for InterCosmos as we move towards flight-qualifying our technology and accelerating the development of HyperX”.

Traditional propulsion systems often rely on highly toxic fuels such as hydrazine, which are difficult to handle, expensive to operate, and heavily regulated. While alternatives exist, many of them compromise on performance or introduce complex ignition systems that reduce reliability.

InterCosmos is addressing this gap by building HyperX, a non-toxic hypergolic propulsion system that offers the same reliability and operational simplicity as traditional systems while significantly improving safety and efficiency.

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The global space economy is expanding rapidly, driven by increasing satellite launches, private space missions, and growing demand for in-space mobility. Industry estimates indicate that the space economy could grow to nearly $1.8 trillion by 2035, with propulsion emerging as a key enabling segment. As more satellites and spacecraft are launched, the need for efficient in-space transportation and maneuvering systems is expected to increase. It is creating strong opportunities for new propulsion technologies. InterCosmos is building solutions in this space.

“We are building next-generation, non-toxic hypergolic propulsion systems to enable safe and efficient in-space transportation, delivering reliable, high-performance propulsion across a wide range of space missions”, adds Gokul.

Interestingly, the company’s vision is to expand beyond propulsion systems into broader in-space transportation infrastructure. This includes mobility platforms, re-entry vehicles, and interplanetary systems built on its HyperX technology platform. The company aims to contribute to the next phase of space mobility by enabling faster, safer, and more cost-effective spacecraft operations.