Bengaluru-based spacetech startup GalaxEye has secured a total of $6.5 million in its ongoing Series A round, its first such fundraise. The investment round witnessed participation from a consortium of investors, led by Mela Ventures. Speciale Invest, which has supported GalaxEye since its inception, also participated. Other notable participants included IdeaForge, a listed dronetech startup, Rainmatter Capital, Navam Capital, Faad Capital, and Anicut Capital.
The primary objective of the funding is to launch GalaxEye’s first satellite, Drishti Mission, by mid-2025. Initially planned for a 2023 launch, the mission faced delays due to the complexities of satellite launch mechanics and vendor-related issues. The new funds will enable GalaxEye to overcome these challenges and proceed with the launch. Additionally, the startup plans to expand its team, bringing in more experts to support its ambitious projects and ensure successful implementation.
According to data intelligence platform Tracxn, the Indian spacetech sector secured $126 million in funding in 2023, up from $37.6 million in 2021. With the potential to become a $77 billion market by 2030, the Indian spacetech industry is poised for significant growth.
Founded in 2021 by a team of IIT Madras alumni, the startup also benefits from the experience of Mela Ventures’ managing partners, Parthasarathy NS and Krishnakumar Natarajan, co-founders of the IT company Mindtree, and has an ongoing collaboration with ideaForge, which involves the development of an unmanned aerial vehicle equipped with Foliage Penetration Radar.
Earlier this year, the startup signed an agreement with Innovations for Defence Excellence (iDEX) to build a multi-sensor fusion processing system for the Indian Air Force (IAF). This system is capable of carrying multiple payloads of up to 150 kg. Currently, the young startup is developing the world’s first multi-sensor earth observation satellite, integrating optical multi-spectral imaging (MSI) with synthetic aperture radar (SAR). This technology aims to provide continuous, all-weather monitoring of any location on Earth by capturing high-resolution images under various weather conditions. This holds immense potential across a wide range of sectors, including agriculture, disaster management, and defense. The ability to provide real-time, high-resolution data can revolutionize how industries operate and make informed decisions.
Beyond the satellite launch, the funding will fuel the expansion of GalaxEye’s technological capabilities and team strength. The company aims to further develop its multi-sensor payload technology, enhance testing infrastructure, and recruit top talent to support its growth trajectory.
