Moneycontrol
Dec 01, 2016 04:21 PM IST IST | Source: Moneycontrol.com

TeamIndus signs space launch contract with ISRO

The total cost of the venture is expected to be around USD 60 million. The company has so far raised USD 15 million and is in talks with investors to raise more funding.


Moneycontrol Bureau

Bangalore-based space tech firm TeamIndus has signed a verified commercial launch contract with Indian Space Research Organisation (ISRO) for its mission to land a spacecraft on the moon.


The move comes as part of company’s bid to win Google Lunar XPRIZE.


The total cost of the venture is expected to be around USD 60 million. The company has so far raised USD 15 million and is in talks with investors to raise more funding.


The goal of the USD 30 million Google Lunar XPRIZE is to start a new era of space exploration by lowering the cost. In order to win the prize, privately funded teams must land their spacecraft on the moon, travel 500 meters and broadcast high definition video, images and data back to Earth.

The company has received a good response from industry leaders such as Ratan Tata, Nanadan Nilekani, Venu Srinivasan and Rakesh Jhunjhunwala amongst others.

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