Space technology startup GalaxEye has announced the first close of its fundraising round, raising $6.5 million. Mela Ventures and Speciale Invest led this round.
The funding also included participation from ideaForge and investments from Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.
GalaxEye plans to use the funds to launch its first satellite, the ‘Drishti Mission’, and to further develop its multi-sensor payload technology.
“Majorly, the milestone is to put the satellite into orbit and also get a bunch of really experienced folks to build a satellite,” cofounder and chief executive Suyash Singh said.
The Bengaluru-based startup aims to launch the satellite, which is currently in development, around the middle of next year.
Founded in 2020, GalaxEye develops space technologies that monitor Earth and outer space. It also focuses on advancing space infrastructure for multi-planetary evolution.
“Anyone who needs infrastructure monitoring is one of our customers. But defence certainly is one of the largest customers that we’re going to look at in the future,” said Singh.
The startup has partnered with companies like Ideaforge for drones and other industry players for satellite launches. This includes satellite platform systems, satellite assembly and testing, and launch segments.
“GalaxEye Space is entering the space backed by the success of 300+ flights with UAV SAR payload. We were looking for a strong partner at this stage to enable the smooth journey and can’t think of better partners,” he said.
In 2023, India’s space technology sector secured $126 million in funding, up 7% from $118 million in 2022 and a 235% increase from $37.6 million in 2021. So far in 2024, the sector has raised $10.8 million, according to data intelligence platform Tracxn.
Commenting on the investment, Krishnakumar Natarajan, managing partner at Mela Ventures, said, “The MSI/SAR technology can help defence, maritime, insurance, and agriculture with real-time visibility and significantly reduce their response time. We look forward to being part of the journey and excited to see the ‘Drishti Mission’ satellite reach space.”
“We have been proud supporters of GalaxEye from the beginning and believe in their vision to transform space technology. With this new round of funding, we are excited to continue our partnership and witness the impactful advancements they will bring to the market,” said Vishesh Rajaram, managing partner at Speciale Invest.
