GalaxEye, a SpaceTech startup focused on revolutionising satellite-based Earth observation, raises Series A, securing USD 10 million. The funding round marks a significant milestone for the company’s mission of advancing its space mission development.
In a landmark development, GalaxEye welcomed MountTech Growth Fund – Kavachh as a Strategic Investor. MGF-Kavachh is India’s premier critical tech focused fund that has former Union Defence Secretary, Ajay Kumar, as its Founder Chairman. This marks MountTech’s maiden investment since its 1st Close announcement in July 2024. GalaxEye’s indigenous first of a kind multi-sensor satellite technology aligns with MountTech’s vision of supporting frontier technologies that enhance India’s national security and tech independence.
This latest tranche of investments will accelerate the development of its upcoming satellite mission, which aims to deliver high-resolution, all-weather, multi-sensor data next year in 2025. This technology will play a crucial role in a variety of sectors & segments ranging from defence and surveillance to agriculture, maritime and insurance, where accurate and timely satellite data is becoming increasingly indispensable. GalaxEye’s mission is to launch a constellation of micro-satellites capable of capturing unparalleled data from space, providing real-time insights to both government and private sectors by 2027.
This round also saw notable investment from venture capital funds such as Mela Ventures, Speciale Invest, ideaForge, Samarthya Investment Advisors and also global IT magnate, Infosys who earlier last month disclosed its strategic investment in the company.
Suyash Singh, Co-founder and CEO, GalaxEye, commented on the fundraise: “We are thrilled to have MGF-Kavachh as our strategic partner at this pivotal stage of our journey. Their deep expertise and support-platform for defence and national security start-ups will complement our technological capabilities as we work towards launching our space missions. The Prime Minister’s support towards the development of the Indian space eco-system expressed during our recent interaction, further energises our commitment to developing space-based solutions that can serve India and deliver critical insights on a global scale.”
Raj Sethia, Founder Managing Partner of MGF-Kavachh commented “GalaxEye's innovative approach to satellite technology aligns perfectly with our commitment to fostering groundbreaking advancements in national security and defence. We believe their multi-sensor capabilities will not only redefine Earth observation but also support India’s strategic objectives on a global stage. We are excited to partner with GalaxEye as they embark on this transformative journey, enhancing our nation's technological prowess and resilience.”
