GalaxEye, a leading space technology startup, has closed its $10 million Series A funding round, with MountTech Growth Fund as the lead investor. The company previously raised $6.5 million in the initial tranche of the round in August, and now with the participation of investors such as Mela Ventures, Speciale Invest, ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital, the funding has been completed.
Founded in 2020 by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, and Rakshit Bhatt, GalaxEye is pioneering data collection from space and aerial platforms. The startup’s advanced multi-sensor payload technology combines Optical Multi-Spectral Imaging (MSI) and Synthetic Aperture Radar (SAR) sensors, which provides highly accurate data sets for industries including defence, surveillance, agriculture, insurance, and aquaculture. This unique integration enhances data precision, making real-time insights across various sectors invaluable.
GalaxEye has already marked a significant milestone by creating India’s first UAV SAR (Unmanned Aerial Vehicle Synthetic Aperture Radar) system for defence applications, with over 300 successful test flights of its UAV SAR payload. This technological feat highlights the startup’s innovative capabilities and has opened new possibilities for remote sensing and data analysis for government and commercial clients alike.
The recent $10 million funding comes at an opportune time, as the Indian government shows increasing support for the space technology ecosystem. A newly approved Rs 1,000 crore Venture Capital Fund for the space sector, endorsed by the Union Cabinet, is expected to aid around 40 space tech startups across the country. This fund underscores the government’s commitment to nurturing indigenous innovation and helping India emerge as a key player in the global space tech arena.
With this latest funding, GalaxEye aims to accelerate the development of its multi-sensor platforms, expand operational capabilities, and enhance product offerings to cater to a broader range of industries. This strategic expansion positions GalaxEye to play a critical role in transforming India’s space technology landscape.
