IIT Madras incubated, Space Tech start-up, GalaxEye Space, that aims to shape the future of satellite image acquisition, has announced the first close of its current fund-raising round, raising $6.5mn led by Mela Ventures and Speciale Invest. The round also saw participation from ideaForge, with additional investments from Rainmatter, Navam Capital, Faad Capital and Anicut Capital. The funds raised will be deployed to launch GalaxEye’s first satellite, the “Drishti Mission,” and further develop their multi-sensor payload technology.
Founded in 2020, the India-headquartered company is the brainchild of a few members hived out of Team Avishkar Hyperloop, who notably reached the finals of Elon Musk’s SpaceX Hyperloop Pod Competition in 2019 as the sole Asian representative. Led by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta and Rakshit Bhatt, the company specialises in providing precise datasets from space and aerial platforms via their advanced multi-sensor payload. This technology integrates Optical MSI and SAR sensors to deliver intuitive data, crucial for sectors like defence, surveillance, agriculture, insurance, and aquaculture. They've pioneered India's first UAV SAR system for defence. Teaming up with ideaForge they're also developing SAR payloads for drones having immediate and critical applications for defence. GalaxEye offers end-to-end solutions, combining asset platforms, imagery data and analytical insights to empower informed decision-making across industries.
Suyash Singh, Co-Founder and CEO at GalaxEye Space, 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’”
Krishnakumar Natarajan, Managing Partner at Mela Ventures, said “GalaxEye has a game changing technology that I am confident will stand out as the category leader. The MSI/SAR technology can help Defence, Maritime, Insurance & Agriculture with real-time visibility and significantly reduce their response time. We look forward to being part of the journey and excited to see the “Drishti Mission” satellite reach space.”
Vishesh Rajaram, Managing Partner at Speciale Invest, added, “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. 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.”
