GalaxEye Space, an Indian space-tech startup, recently announced that it has raised $3.5 million of seed investment led by Special Invest, a deep-tech Venture Capitalist firm.
Apart from Special Invest, other participants in the investment round include 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).
The funding will enable the hiring of top-tier talent and accelerate the launch of the world’s first multi-sensor satellite for earth observation. Additionally, this will herald the start of commercialisation with GalaxEye clients in the US, Europe, and Africa.
Further, GalaxEye has also signed several partnerships and commercial agreements with many leading organisations in the space tech ecosystem, including the US-based space software provider, Antaris. The company has filed a proposal to IN-SPACe asking for support from ISRO to continue growing its collaborations and clientele in the upcoming months.
Founded in 2020, GalaxEye originated from Avishkar Hyperloop at IIT-Madras, aiming to provide the most meaningful data from space. The startup uses a constellation of Smart Earth Observation Satellites and their “Drishti Sensor” technology, which has the sensing capabilities of SAR and Optical Spectra.
The company’s flagship product, which features multi-sensor imagery via modern satellites, is now available. The technology consists of data-fusion technology developed in-house, bringing 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. In addition, it will make it possible to produce images with an incredibly high resolution via a small satellite constellation that will provide global coverage in under 12 hours.
Suyash Singh, co-founder and CEO at GalaxEye Space, said that going into next year, they will look to reach space with their satellite and become the leader in multi-sensor imaging for the industry. He added that GalaxEye will look to raise an additional round of funding of about $15 million to $25 million in 2023 in order to add more satellites to their constellation.
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