Bengaluru-based space tech startup GalaxEye, has secured $6.5 million in a funding round led by Mela Ventures and Speciale Invest. The funds will be used to launch the company’s first satellite, the “Drishti Mission,” and to further develop their multi-sensor payload technology.
The funding round also saw participation from ideaForge, Navam Capital, Faad Capital, Anicut Capital, and Rainmatter which was founded by Nithin Kamath and Kailash Nadh from Zerodha fame.
The IIT-Madras incubated startup GalaxEye Space aims to revolutionise satellite image acquisition by becoming the world’s first company to integrate hybrid optical multi-spectral imaging (MSI) and synthetic aperture radar (SAR) in a single payload.
The startup recently signed an agreement with iDEX DIO to design and develop a multi-sensor fusion processing system for miniaturised satellites that are capable of carrying payloads up to 150 kg for the Indian Air Force.
The startup was founded in 2020 by members of the Team Avishkar Hyperloop, and is focused on providing precise datasets from space and aerial platforms. These datasets are essential for various industries, including defence, surveillance, agriculture, insurance, and aquaculture.
Co-Founder and CEO at GalaxEye, Suyash Singh said, “GalaxEye Space is entering the space backed by the success of 300+ flights with UAV SAR payload. We were looking for a strong partner at this stage to enable the smooth journey and can’t think of better partners. We share the goal of building a global category leader out of India solving real-world challenges through technology and look forward to guidance and mentorship of the leadership teams of our investors.”
GalaxEye Space is building a constellation of indigenous micro-satellites with data fusion capabilities, positioning itself as a key player in the space technology sector. The company’s UAV SAR system has already completed over 300 successful flights for defence applications. With this new funding, GalaxEye Space is poised to advance its mission of providing advanced imaging solutions and contributing to the global space technology landscape.
Spacetech Attracting Investments
Investments in space tech startups in India have witnessed significant growth over the last few years, with $126 million in funding last year—a 7% increase from 2022.
GalaxEye Space alone had previously raised $3.5 million in seed investment, with the round led by Speciale Invest. Other participants in the funding round included Artha India Ventures, Veda VC, Anicut Capital, Upsparks, and a group of entrepreneurs.
Vishesh Rajaram, Managing Partner at Speciale Invest, said, “We have been proud supporters of GalaxEye from the beginning and believe in their vision to transform space technology. With this new round of funding, we are excited to continue our partnership and witness the impactful advancements they will bring to the market.”
