GalaxEye, a space technology startup, has announced the initial close of its fundraising round, securing $6.5 million. The round was led by Mela Ventures and Speciale Invest, with participation from ideaForge and additional investments from Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.
The raised funds will be used to launch GalaxEye’s first satellite, the ‘Drishti Mission,’ and to further develop its multi-sensor payload technology. According to cofounder and chief executive Suyash Singh, the major milestone for the startup is to put the satellite into orbit and to build a satellite with the help of experienced professionals.
The Bengaluru-based company, founded in 2020, focuses on developing technologies for space applications, including monitoring the Earth, envisioning monitoring outer space, and accelerating the growth of space infrastructure to support multi-planetary evolution. The company aims to launch its satellite, currently in development, around the middle of next year.
GalaxEye’s potential customers include anyone needing infrastructure monitoring, with a particular emphasis on the defense sector as a significant future customer. The startup has also partnered with companies like Ideaforge for drones and other industry partners for satellite launches, including satellite platform systems, satellite assembly and testing, and launch segments.
The company is entering the space sector backed by the success of over 300 flights with UAV SAR payloads. Singh emphasized the importance of finding strong partners to enable a smooth journey for the company.
Krishnakumar Natarajan, managing partner at Mela Ventures, noted that the MSI/SAR technology developed by GalaxEye can provide real-time visibility for industries like defense, maritime, insurance, and agriculture, significantly reducing their response time. He expressed excitement about being part of the journey and seeing the ‘Drishti Mission’ satellite reach space. Vishesh Rajaram, managing partner at Speciale Invest, expressed pride in supporting GalaxEye from the beginning and anticipation for the impactful advancements the company will bring to the market with this new round of funding.
