Comments
GalaxEye Space, a spacetech start-up focused on earth observation, has successfully raised a $3.5 million in seed round of funding led by Speciale Invest, a deep-tech venture capital firm.
The new round also had participation from investors like Artha India Ventures, Veda VC, Anicut Capital, Upsparks and a consortium of entrepreneurs including Nithin Kamath, Founder&CEO of Zerodha, Prashant Pitti, Founder & CEO of EaseMyTrip, Abhishek Goyal, Founder & CEO of Tracxn and Ganpathy Subramaniam, Partner at Celesta Capital.
Begin commercialisation
The fresh funding will help bolster the hiring of top-tier talent and accelerate the launch of a multi-sensor satellites for earth observation. This will also mark the beginning of commercialisation with GalaxEye customers across the US, Europe and Africa.
“We are truly the first Indian space start-up incorporated in India to build an imaging satellite and we are committed to accelerating technological innovation in India for the world. I believe this is possible today with the enormous support available from ISRO, government and our global partners,” said Suyash Singh, Co-founder & CEO, GalaxEye Space.
Data fusion technology
GalaxEye also announced the availability of the company’s flagship product offering, featuring multi-sensor imagery via modern satellites. The data fusion technology developed in-house will bring unparalleled insights and data from space, enabling satellite constellations to perform all-weather imaging at all times without atmospheric interference typical of today’s single-sensor satellites. GalaxEye’s technology will enable the production of images with extremely high resolution via a small satellite constellation that once fully operational, will provide global coverage in under 12 hours.
“Next year is crucial for us, as we aspire to reach space with our satellite and become the leader in multi-sensor imaging for the industry. We will be seeking an additional round of funding of the order of $15-25 million in 2023 to add more satellites to our constellation. We are grateful for the immense support and guidance from the mentors, investors, industry, and customers received so far. It’s an exciting time for GalaxEye,“added Singh.
Founded in 2020, GalaxEye is the brainchild of several entrepreneurs emerging from Avishkar Hyperloop, a team of scientists brought together via global competition organised by Elon Musk’s aerospace manufacturer and space transportation services company SpaceX. The team, which is now also funded by the Indian Railways, was the only Asian team represented at the finale of the 2019 SpaceX Hyperloop Pod competition and was also a part of the FalconX immersion program 2022, which was based in Silicon Valley, California.
Plans expansion
The company previously raised an undisclosed amount in a pre-seed funding round led by Speciale Invest in May 2021. This investment facilitated completing Proof of Concept and Prototype Development and Demonstration. GalaxEye has already signed partnerships and commercial contracts with several leading organisations in the space tech ecosystem, including US-based space software provider Antaris. The company plans to continue expanding its partnerships and customer base in the coming months and has submitted a proposal to IN-SPACe seeking support from ISRO.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.