Spacetech Startup GalaxEye Raises Investment in Seed Round

An Indian space tech start-up called GalaxEye Space that specializes in earth observation said on Thursday that it has successfully raised a $3.5 million round of seed funding headed by the deep-tech venture capital firm Special Invest.

A group of entrepreneurs, including Nithin Kamath (Founder/CEO of Zerodha), Prashant Pitti (Founder/CEO of EaseMyTrip), Abhishek Goyal (Founder/CEO of Tracxn), and Ganpathy Subramaniam, also participated in the new round. Artha India Ventures, Veda VC, Anicut Capital, and Sparks were other investors (Partner at Celesta Capital). The business claimed to have obtained finance from Indian Railways as well.

The company’s flagship product uses in-house created data fusion technology and multi-sensor imaging obtained from contemporary satellites. When fully operational, a small satellite constellation powered by GalaxEye’s technology will offer 12-hour global coverage while producing photos with extraordinarily high resolution.

According to Suyash Singh, co-founder and CEO of GalaxEye Space, “We are actually the first Indian space start-up incorporated in India to develop an imaging satellite and we are devoted to driving technical innovation in India for the globe.”

Private space exploration in India has greatly increased, notably in the last two months. The Indian Space Research Organization (ISRO) launched 36 communications satellites for OneWeb, a communications corporation with headquarters in London, in October of this year. The first privately built rocket in India, the Vikram-S, was likewise developed by Hyderabad-based spacetech startup Skyroot Aerospace and launched by ISRO in November of this year. In fact, it’s anticipated that by 2025, the nation’s space exploration will be worth $13 billion.

Soon, GalaxEye will also launch “Drishti Mission,” its first satellite. The business added that it would utilize the additional funds to speed up the launch of the first multi-sensor satellite for earth observation and to hire outstanding talent.

The coming year will be very important for us because we want to launch a satellite into space and dominate the market for multi-sensor imaging. In order to increase the number of satellites in our constellation, we will be seeking a new round of funding in 2023 in the range of $15 to $25 million, continued Singh.

GalaxEye was created in 2020 by entrepreneurs who were part of the Avishkar Hyperloop team of scientists, which Elon Musk’s aerospace manufacturer and space transportation services business, SpaceX, had brought together through a global competition. GalaxEye also revealed the availability of its flagship product, which utilizes multi-sensor imagery from contemporary satellites.