IIT-Madras incubated startup GalaxEye Space raises $6.5 million in a Series A funding

GalaxEye Space raises $6.5mn for satellite launch with innovative multi-sensor payload technology for various industries.

IIT Madras-incubated Space Tech startup, GalaxEye Space, has announced the first close of its current fund-raising round. It has raised $6.5mn Series A funding led by Mela Ventures and Speciale Invest. The round also saw participation from ideaForge, with additional investments from Rainmatter, Navam Capital, Faad Capital, and Anicut Capital. The funds raised will be deployed to launch GalaxEye’s first satellite, the ‘Drishti Mission’, and further develop their multi-sensor payload technology.

Founded in 2020, GalaxEye Space is the brainchild of a few members hived out of Avishkar Hyperloop, a global competition organised by Elon Musk’s aerospace manufacturer and space transportation services company SpaceX. Led by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta and Rakshit Bhatt, the company develops technologies that work in space, monitoring earth and envisioning monitoring outer space as well, while also accelerating the growth of space infrastructure.

Suyash Singh, co-founder and CEO at GalaxEye Space, said “GalaxEye is entering the space backed by the success of 300+ flights with UAV SAR payload. We look forward to guidance and mentorship of the leadership teams of our investors.”

Krishnakumar Natarajan, managing partner at Mela Ventures, said: “GalaxEye has a game changing technology that I am confident will stand out as the category leader. The MSI/SAR technology can help Defence, Maritime, Insurance & Agriculture with real-time visibility and significantly reduce their response time.”

Vishesh Rajaram, Managing Partner at Speciale Invest, added, “GalaxEye Space stands at the forefront of innovation with their unique approach to combining MSI and SAR technology. This capability has the potential to revolutionise how data is gathered and interpreted from space, offering unprecedented insights and real-time applications across various industries.”

GalaxEye Space’s mission is to provide accurate and comprehensive datasets from space and aerial platforms through their proprietary multi-sensor payload. This technology enables customers to make informed decisions across various industries. The key advantage of GalaxEye’s multi-sensor payload is its ability to offer access to intuitive data by combining the benefits of Optical MSI and SAR sensors. This data is valuable for decision-makers in sectors such as defence, surveillance, agriculture, insurance and aquaculture. The company has developed India’s first UAV SAR system for the defence sector and aims to launch its first multi-sensor satellite, along with the commercial deployment of the UAV SAR system, in 2025. Additionally, in partnership with ideaForge, GalaxEye will design and develop SAR payloads for drones, which have immediate and critical applications for defence.