Insider Brief:
- GalaxEye has secured $6.5 million in its ongoing Series A funding round.
- The company aims to launch the world’s first multi-sensor earth observation satellite and develop a constellation of micro-satellites with advanced data fusion capabilities.
- The new funds will support the launch of Galaxeye’s first satellite, Drishti Mission, scheduled for mid-2025 and support team expansion.
GalaxEye, a Bengaluru-based spacetech startup, has secured $6.5 million (INR 55 crore) in its ongoing Series A funding round. The round has reportedly been led by Mela Ventures and includes participation from existing investor Speciale Invest, listed dronetech startup ideaForge, Rainmatter Capital, Navam Capital, Faad Capital, and Anicut Capital.
GalaxEye, founded in 2021 by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, and Rakshit Bhatt, aims to launch the world’s first multi-sensor earth observation satellite and develop a constellation of micro-satellites with advanced data fusion capabilities.
CEO Suyash Singh stated that the new funds will support the launch of their first satellite, Drishti Mission, by mid-2025. Initially planned for September 2023, the launch faced delays due to complications with component deliveries and testing. Singh emphasized that the funding will expedite the launch process and support team expansion.
Mela Ventures’ managing partners, Parthasarathy NS and Krishnakumar Natarajan, bring valuable experience to GalaxEye’s growth. Natarajan highlighted that GalaxEye’s MSI/SAR technology could provide real-time visibility for defense, maritime, insurance, and agriculture sectors, reducing response times.
Earlier this month, ideaForge acquired a minority stake in GalaxEye for INR 8.28 crore as part of the Series A round. The two companies are also collaborating on an unmanned aerial vehicle equipped with Foliage Penetration Radar, which is nearing market launch.
GalaxEye is also exploring other industries for its data-as-a-service solutions and monitoring government initiatives to promote public-private partnerships in the spacetech sector. Additionally, the startup has an agreement with Innovations for Defence Excellence (iDEX) to develop a multi-sensor fusion processing system for the Indian Air Force.
Prior to this round, GalaxEye raised $3.5 million in seed funding in 2022. It joins other Indian spacetech startups like Agnikul Cosmos, Dhruva, and Pixxel in targeting the country’s rapidly growing spacetech market, projected to exceed $77 billion by 2030.
Image credit: Galaxeye
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