With investors including Campus Fund, BlueHill Capital, and Riceberg Ventures, spacetech company EtherealX has secured its first institutional funding.

The company is developing reusable launch vehicles for satellites.

According to Nair, EtherealX is working on developing reusable rockets that can return both stages of the rocket to Earth after takeoff.

At the moment, Elon Musk's SpaceX is the only significant rocket manufacturer that uses reusable rockets for orbital launches on a commercial basis, especially for medium- and heavy-lift missions.

The company intends to build the Razor Crest Mk-1, which will be the first totally reusable medium-lift launch vehicle in history.

Up to 24.8 tonnes in expendable configuration, 22.8 tonnes in partially reusable configuration, and eight tonnes in completely reusable configuration can be sent into 400 kilometers of Lower Earth Orbit (LEO) by the model.

Established in July 2020 by Richa Bajpai, Campus Fund revealed last month that a 37 percent oversubscription occurred for its second fund, which is valued at Rs 75 crore, or roughly $9 million.

The Bangalore-based fund makes investments in firms run by students.

After earning a mechanical engineering degree from BML Munjal University in 2020, Manu Nair worked at the Indian Space Research Organization (ISRO), where he was primarily responsible for developing human life support systems for space travel.

Prashanth Sharma, another cofounder, was formerly on the Manastu Space leadership team, which was developing green propulsion technology for satellites and spacecraft in orbit.

As one of the 23 scientists selected from ISRO centers for Project Gaganyaan, Shubhayu Sardar, the third cofounder, spent almost ten years working at ISRO in capacities including assembling, integrating, testing, and validating the Indian fleet of launch vehicles and satellites.