The company will be using the fresh funds for market expansion to the US, strengthen global operator trials, and further commercialization of its core technology.
A 5G wireless deeptech startup, Astromeon Tuesday announced to have raised $3.4 million in a round led by IAN Fund, Urania Ventures (Germany), and Lakshmi Narayanan, founder, Cognizant. Other investors who joined the round include Impact Collective (South Korea), ArtPark (India), and a consortium of US-based angel investors.
Previously, Astrome has raised by prominent angel investors and the Indian Institute of Science, Bangalore.
The company has raised this round to expand into the US market, strengthen global operator trials, and further commercialize of its core technology through new products.
“Astrome is the only company that has a product which features Multiple-Point-to-Point communication in E-Band, resulting in a much lower CapEx than the competition. Our first two products, GigaMesh and GigaSat have a combined addressable market of $34 billion, globally. This market is expanding quickly due to the rising need for mobile and broadband communication infrastructure as a result of the change in lifestyle in the last 2 years. Moreover, Astrome’s technology is driven by software to make it easy to deploy, maintain and repair remotely. We are grateful to have received this support from marquee investors in our journey to establish GigaMesh as a leading solution for 5G backhaul, mid-haul, and front-haul, globally,” said Neha Satak, co-founder, Astrome.
Founded by serial entrepreneurs Dr. Prasad H L Bhat and Dr. Neha Satak in 2015, Astrome provides Gigabit speed telecommunication solutions to telecom service providers, enterprises, and defence. It is also accelerating the deployment of 5G in suburban and broadband in rural areas through its patented telecom radios and satellite communication products.
Astrome was the first 5G startup in the world to get selected by EvoNexus, a 5G accelerator program sponsored by Qualcomm and Verizon in San Diego, California.
“The demand for bandwidth is seeing a huge surge fueled by the increased pace of digital transformation and the new normal of remote working. The adoption of technologies like IoT, telemedicine, etc. is also contributing to the surge. Much of this demand and need for increased throughput is from mobile devices which the existing front-haul infrastructure like 4G is unable to deliver, thus accelerating the rollout of 5G across the globe. 5G internet is expected to cover up to 65 per cent of the World’s population by the end of 2025. The 5G rollout will in turn fuel the need for robust backhaul as the number of cell sites go up by nearly 5 times. While the current default choice for the backhaul remains fiber optics, it is also quite difficult and time-consuming to lay especially, in a typical dense urban setting. This is where Astrome’s proprietary mm-Wave technology steps in to provide fiber-like-wireless backhaul connectivity, for both 5G and terrestrial broadband, which is light on both CapEx and OpEx for the telecom operators. Astrome is also using the same technology platform to deliver satellite-based internet access solutions. Through its unique products, the company is pioneering the future of millimeter-wave wireless communication – be it on earth or from space. We wish the founders good luck in their journey and be part of this 5G revolution,” shared Rajnish Kapur, managing partner, IAN Fund.
With offices in Bengaluru, India, and San Diego, California, the company signed its first overseas deal with a South-East Asian telecom operator in 2021, besides signing a contract with Indian Defence forces to deploy GigaMesh for fulfilling the strategic communication requirements of the country.
In the upcoming years, the company will also be launching its Flat Panel Satellite (FPS) terminal, GigaSat that will serve the need for low-cost user terminals required by LEO satellite internet providers to be commercially successful.