GalaxEye, a space tech startup based in Bengaluru, has successfully raised $6.5 million in a Series A funding round. The round was co-led by Mela Ventures and Speciale Invest, with additional participation from ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.
Fund Utilization and Future Plans
GalaxEye plans to use the funds to launch its first satellite, the “Drishti Mission,” and to further develop its advanced multi-sensor payload technology. This technology aims to revolutionize satellite image acquisition by combining hybrid optical multi-spectral imaging (MSI) and synthetic aperture radar (SAR) in a single payload.
Revolutionizing Satellite Imaging
Founded in 2020 by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, and Rakshit Bhatt, GalaxEye is focused on transforming how satellite images are captured. The startup’s innovative approach provides continuous, all-weather information for any location on Earth, which is highly beneficial for industries such as defense, agriculture, mining, and surveillance.
Comments from Investors
Krishnakumar Natarajan, managing partner at Mela Ventures, expressed excitement about the MSI/SAR technology, stating it can help sectors like defense, maritime, insurance, and agriculture with real-time visibility and reduce their response time.
Vishesh Rajaram, managing partner at Speciale Invest, highlighted their ongoing support for GalaxEye and their belief in the startup’s vision to transform space technology. He is enthusiastic about the advancements that will come with this new round of funding.
Partnership with iDEX DIO
GalaxEye has signed an agreement with iDEX DIO to design and develop a multi-sensor fusion processing system for the Indian Air Force’s miniaturized satellites. These satellites can carry payloads up to 150 kg. Additionally, in collaboration with ideaForge, GalaxEye is developing SAR payloads for drones, targeting critical defense applications.
In September 2023, GalaxEye and ideaForge partnered to develop a UAV equipped with Foliage Penetration Radar for Indian security forces.
Launch Plans and Achievements
GalaxEye is planning to launch its first satellite in the second quarter of 2025, followed by two additional launches in the next year. The startup claims to have developed India’s first UAV SAR system for defense markets and completed over 300 successful flights with UAV SAR Payload.
With significant investment and strong partnerships, GalaxEye is set to make groundbreaking advancements in satellite image acquisition and space technology. The successful funding round and ambitious launch plans indicate a promising future for the startup.
