5 months ago
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- Last updated November 7, 2024
- In AI News
The funds raised will primarily support GalaxEye’s upcoming satellite mission, which will launch in 2025.
Spacetech startup GalaxEye has successfully closed its Series A funding round, raising $10 million to accelerate 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.
MountTech Growth Fund – Kavachh (MGF-Kavachh) is a strategic investor in this round. The fund’s founder chairman, former union defence secretary Ajay Kumar, emphasised 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, said MGF—Kavach’s deep expertise and support platform for defence and national security start-ups will complement its technological capabilities as these start-ups work towards launching their 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,” Singh said.
Multi-Sensor Technology Advancements
The funds raised will primarily go toward advancing the IIT-Madras incubated startup GalaxEye’s upcoming satellite mission, which is 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. The funds were allocated to launch the company’s first satellite, the “Drishti Mission,” and further develop its multi-sensor payload technology. Previous to that, the startup raised $3.5 million in seed funding.
Vandana Nair
As a rare blend of engineering, MBA, and journalism degree, Vandana Nair brings a unique combination of technical know-how, business acumen, and storytelling skills to the table. Her insatiable curiosity for all things startups, businesses, and AI technologies ensures that there's always a fresh and insightful perspective to her reporting.
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