The funding round also saw participation from existing investor Speciale Invest, ideaForge, Rainmatter Capital, Navam Capital
GalaxEye said this is an ongoing funding round and the startup plans to close it by September this year
The spacetech startup will use the capital to launch its first satellite, Drishti Mission, by mid-2025 and expand its team
Bengaluru-based spacetech startup GalaxEye has raised $6.5 Mn (about INR 55 Cr) in its ongoing Series A funding round, led by venture capital firm Mela Ventures and existing investor Speciale Invest.
The round also saw participation from listed dronetech startup ideaForge, Rainmatter Capital, Navam Capital, Faad Capital, and Anicut Capital.
The startup said it plans to close the funding round by September this year but didn’t disclose the amount it is looking to raise.
Founded in 2021 by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, and Rakshit Bhatt, GalaxEye claims to be building the world’s first multi-sensor earth observation satellite. Besides, it also aims to have a constellation of indigenous micro-satellites with data fusion capabilities.
GalaxEye CEO Suyash Singh told Inc42 that the fresh capital will help the startup launch its first satellite, Drishti Mission, by mid-2025.
Initially, the startup planned to launch its first satellite in the September quarter of 2023. Responding to a question on the delay, Singh said, “Satellite launch is a highly complex procedure and requires a whole set of mechanics to fire at the right time together. For us, we have been seeing complications at all sides of the launch like delays in vendors sending in components, in testing, among others. The funding will allow us to realise the launch soon enough.”
Besides the launch, the startup also plans to use the funds to expand its team.
Singh said that the experience of Mela Ventures’ managing partners Parthasarathy NS and Krishnakumar Natarajan, who previously founded listed IT company Mindtree, will help GalaxEye in its growth journey.
Commenting on the investment, Natarajan said, “The MSI/SAR technology of GalaxEye 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 are excited to see the ‘Drishti Mission’ satellite reach space.”
Earlier this month, Inc42 reported that ideaForge had picked up a minority stake in the IIT Madras-incubated GalaxEye for INR 8.28 Cr. The investment was part of the ongoing Series A round.
It is pertinent to note that ideaForge also inked an agreement with GalaxEye in September last year to jointly develop an unmanned aerial vehicle with Foliage Penetration Radar. Singh said that the product is now in the final stages of development and will be launched in the market soon.
While GalaxEye’s primary focus is on building a viable business from its satellite launch, it is also looking at other industries and sectors that can benefit from its data-as-a-service solutions.
Singh said that the startup is also keenly watching the government’s measures to promote public-private partnerships in the homegrown spacetech sector.
Earlier this year, GalaxEye also signed an agreement with the Innovations for Defence Excellence (iDEX) to build a multi sensor fusion processing system for miniature satellites that would be capable of carrying multiple payloads of up to 150 kg for the Indian Air Force (IAF).
Prior to this funding round, GalaxEye raised $3.5 Mn in its seed funding round in 2022. It is among a number of homegrown spacetech startups like Agnikul Cosmos, Dhruva, Pixxel that have emerged over the last few years. These startups are eyeing a pie of the country’s burgeoning spacetech market, which is expected to become an over $77 Bn opportunity by 2030.
