(L-R) ESS’s co-founder and CEO Simon Gwordz with Protege Ventures’s Ryan Teo and Timothy Wee
Singapore-based student-led VC fund Protégé Ventures (PV) has invested S$25,000 (US$19,000) in rocket propulsion and space launch startup Equatorial Space Systems (ESS).
Founded in 2017 by National University of Singapore alumni Simon Gwozdz and Praveen Ganapathi Perumal, ESS provides space access at reduced risk, cost, and environmental impact. In December 2020, the startup successfully launched a commercially built prototype rocket test flight from Malaysia, and it will begin orbital launch services in 2026.
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ESS’s patent-pending eco-friendly technology is a fuel formulation known as “HRF-1” that can eliminate up to 90 per cent of costs and 69 per cent of greenhouse gas emissions compared to traditional liquid propulsion systems. HRF-1 is manufactured in Singapore and is a safer option than other fuel formulations because of its non-explosive nature, which means it can be stored and transported safely.
In December 2020, ESS launched a Low Altitude Demonstrator prototype space rocket from Malaysia. In 2022, ESS created a rocket that was launched in Tamil Nadu by Indian aerospace company Space Zone India.
Established in 2017 by the Singapore Management University (SMU) ‘s Institute of Innovation & Entrepreneurship (IIE), Protégé Ventures is a nationwide training programme and student VC fund. The programme aims to nurture the next generation of venture capitalists and tech and entrepreneurial leaders, empowering youth to fund the future they believe in.
PV has invested over S$300,000 in 12 student startups since its launch. This is its 12th investment in a student-founded startup and the first investment from its second fund, PV Fund II.
Also Read: Protégé Ventures launches Fund II to support student-led startups in Singapore
Launched in September 2023, PV Fund II is a sector-agnostic fund with a S$500,000 corpus and was contributed by David Su, Founding Managing Partner of Matrix Partners China (MPCi).
Student-led startups who are interested in seeking investments from PV can visit here.
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