GalaxEye Secures $6.5M in Series A Funding from Mela Ventures and Speciale Invest
- ByStartupStory | August 1, 2024
Spacetech startup GalaxEye has raised $6.5 million as part of its Series A funding round, co-led by Mela Ventures and Speciale Invest. The round also saw participation from ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital. ideaForge’s Rs 8.28 crore investment for an undisclosed non-controlling stake in GalaxEye, reported last month, is part of the current funding round.
The funds from the initial close of this round will be used to launch GalaxEye’s first satellite, the “Drishti Mission,” to advance its multi-sensor payload technology, enhance testing infrastructure, and support team expansion. Co-founder and CEO Suyash Singh stated, “We aim to ensure that, regardless of weather conditions or time of day, if we pass over your location, you will receive an image. Our goal is to provide seamless Earth monitoring, despite all odds.”
GalaxEye, incubated at IIT Madras, is developing indigenous multi-sensor imaging satellites equipped with optical multi-spectral imaging (MSI) and synthetic aperture radar (SAR) technologies. These satellites are designed to provide continuous, all-weather information for any location on Earth, benefiting industries such as defence, agriculture, and mining.
“GalaxEye Space stands at the forefront of innovation with their unique approach to combining MSI and SAR technology. This capability has the potential to revolutionise how data is gathered and interpreted from space, offering unprecedented insights and real-time applications across various industries,” remarked Vishesh Rajaram, Managing Partner of Speciale Invest. GalaxEye had raised a pre-seed round led by Speciale Invest in June 2021.
The startup plans to launch its first satellite in the second quarter of 2025, followed by two additional launches the next year. Singh highlighted the lack of a transformative moment in the satellite imagery sector, comparing it to the evolution of GPS technology. “Once we provide imagery combining MSI and SAR through Drishti, we believe we will be closer to that GPS moment in the satellite imagery space,” he added.
Founded in 2021 by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, and Rakshit Bhatt, who emerged from Avishkar Hyperloop, a global competition organised by Elon Musk’s aerospace company SpaceX, GalaxEye has made significant strides in spacetech innovation. “GalaxEye has a game-changing technology that I am confident will stand out as the category leader,” said Krishnakumar Natarajan, Managing Partner of Mela Ventures.
The Bengaluru-based firm has developed an unmanned aerial vehicle (UAV) SAR system for the defence sector and aims for commercial deployment in 2025. In partnership with ideaForge, GalaxEye will design and develop SAR payloads for drones, targeting critical applications in defence. Singh noted that GalaxEye is entering the space backed by the success of over 300 flights with UAV SAR payloads.
As part of this collaboration, ideaForge plans to utilise GalaxEye’s expertise in sensing solutions to create drone-based sensors capable of penetrating fog and foliage. In September 2023, the two companies partnered to jointly develop a UAV equipped with Foliage Penetration Radar for the Indian security forces. The company has partnered with leading industry players in satellite platform systems, satellite assembly and testing, and launch segments for its satellite projects. Its advisory board includes experts from organisations like DRDO, Waymo, ISRO, and Swiss Re.
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