Ethereal Exploration Guild (EtherealX), a Bengaluru-based space technology company, has raised ₹20 million in a Series A funding round led by TDK Ventures and BIG Capital. TDK Ventures has invested up to $5 million in the Series A funding round.
The round also saw participation from Accel, Prosus, YourNest Venture Capital, BlueHill Capital, Campus Fund, and Riceberg Ventures.
The fresh funds raised will be used to develop the world’s first fully reusable medium-lift launch vehicle, the Razor Crest Mk-1.
Founded in 2022 by Manu J. Nair, Shubhayu Sardar, and Prashanth Sharma, Ethereal is developing the Razor Crest Mk-1 launch vehicle, which aims to lower orbital launch costs to $500–$1,000 per kg, levels seen as critical to making next-generation space applications commercially viable.
Ethereal is pursuing full reusability across both the booster and the upper stage, a technically complex approach that the company believes is essential to achieving ultra-low costs while maintaining high launch cadence. Its reusable upper stage is powered by an in-house engine using a proprietary Full Flow Segregated Cooling Cycle (FFSCC).
Additionally, the Guild uses in-house simulation tools and test infrastructure, which together contribute to better overall vehicle reusability and shorter development cycles.
The company has already manufactured its 80kN upper-stage reusable engine (Pegasus) and has signed collaboration agreements with the Indian National Space Promotion and Authorization Centre (IN-SPACe), ISRO, and other national space agencies, as well as commercial satellite operators, launch aggregators, and launch ports globally.
Ethereal Exploration Guild’s existing investors include YourNest VC, Bluehill Capital, BIG Capital, Campus Fund, and Golden Sparrow VC.
Manu J. Nair, CEO, EtherealX, said, “Securing the backing of a strategic partner like TDK Ventures validates our vision to rearchitect today’s unipolar access to space into a truly multipolar frontier, and to catalyze civilizational progress. Their leadership in precision sensing, high-reliability passive components, and advanced power-delivery technologies brings critical materials and systems expertise that will support our push toward rapid development and early validation milestones for the Razor Crest Mk-1 platform.”
Nicolas Sauvage, President of TDK Ventures, said, “TDK Ventures is thrilled to back the Guild in its goal to reshape the medium-lift space-launch industry. The company aligns seamlessly with our vision for transformative innovation, excelling in every critical metric for market leadership: slashing launch costs to $500 per kilogram to unlock vast market potential, pioneering novel technologies to streamline development, and harnessing India’s rich ISRO expertise and cost-efficient supply chain.”
