Spacetech Startup GalaxEye Raises $3.5 Million In Seed Funding
GalaxEye Space, a spacetech startup, has raised $3.5 million in a seed funding round led by deeptech-focused venture capital firm Speciale Invest.
Investors including Artha India Ventures, Upsparks, Veda VC, Anicut Capital, and entrepreneurs like Nithin Kamath (Zerodha), Abhishek Goyal (Tracxn), Prashant Pitti (EaseMyTrip), and Ganpathy Subramaniam (Celesta Capital) also participated in the fundign round.
As per the startup, the raised funds will be used to increase hiring and accelerate the launch of the world’s first multi-sensor satellite for earth observation.
GalaxEye Space | Building Multi-sensor Satellite
GalaxEye was founded in 2020 by a team of 5 students/alumni of IIT-Madras, who have previously worked together as part of Team Avishkar Hyperloop, a team of scientists brought together via a global competition organized by SpaceX.
The spacetech startup announced the availability of the company’s flagship product, featuring multi-sensor imagery via modern satellites. As per the startup, the data fusion technology developed in-house will bring insights and data from space, enabling satellite constellations to perform all-weather imaging at all times without atmospheric interference.
Speaking about the development, Suyash Singh, Founder and CEO of GalaxEye, said,
“We will be seeking an additional round of funding of the order of $15-25 million in 2023 to add more satellites to our group as our business grows.”
As per GalaxEye, access to its image dataset will prove friendly to analysts and consumers, unlocking a plethora of opportunities and benefits, both known and unknown in the current scenario.
The spacetech startup has already signed partnerships and commercial contracts with several organizations in the space tech ecosystem, including US-based space software provider Antaris. It 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.
In May 2021, GalaxEye Space raised an undisclosed amount in a pre-seed funding round led by Speciale Invest.
This year, spacetech startup Skyroot Aerospace raised $4.5 million (about Rs 34 crore) in a bridge round to Series B funding. Additionally, in June 2022, Bellatrix Aerospace concluded an $8 million Series A round.
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