GalaxEye, a Spacetech startup, has successfully closed its Series A funding round, raising $10 million to accelerate its development. The funding will support the company’s efforts to launch a constellation of multi-sensor satellites that will provide high-resolution, all-weather data for various sectors, including defence, agriculture, maritime, and insurance. The strategic investor in this round is MountTech Growth Fund – Kavachh (MGF-Kavachh), whose founder chairman, former union defence secretary Ajay Kumar, emphasized the alignment of GalaxEye’s technology with India’s strategic interests in national security and tech independence. Suyash Singh, CEO and co-founder of GalaxEye, stated that MGF-Kavachh’s deep expertise and support platform for defence and national security start-ups will complement their technological capabilities as they work towards launching their space missions. Singh also mentioned that the Prime Minister’s support towards the development of the Indian space eco-system, expressed during their recent interaction, further energizes their commitment to developing space-based solutions that can serve India and deliver critical insights on a global scale.
The funds raised will primarily go towards advancing GalaxEye’s upcoming satellite mission, set to launch in 2025. The company’s proprietary multi-sensor technology will enable high-resolution, all-weather Earth observation, providing valuable data for industries where real-time, accurate information is increasingly critical. GalaxEye’s long-term goal is to deploy a constellation of micro-satellites by 2027, which will offer continuous, unparalleled data collection capabilities.
In August, the startup raised $6.5 million in a funding round led by Mela Ventures and Speciale Invest, which was allocated to launch their first satellite, the “Drishti Mission,” and further develop their multi-sensor payload technology. Prior to that, the startup raised $3.5 million in seed funding.
This latest funding round is a testament to the growing interest and investment in the Indian Spacetech sector, and GalaxEye’s success is a reflection of the potential and capabilities of Indian startups in this field. With the support of strategic investors like MGF-Kavachh, GalaxEye is well-positioned to achieve its goals and contribute to the development of the Indian space eco-system.
