Indian space tech startup GalaxEye raises $3.5 million in launch round

• The company’s main product offering provides multi-sensor imagery via modern satellites.
  
• The startup will use the new funding to support the hiring of top talent and help launch the world’s first multi-sensor Earth observation satellite.
  
• The India space Research industry is expected to reach $13 billion by 2025.

GalaxEye Space, an Indian space technology start-up focused on Earth observation, announced on Thursday that it has successfully raised $3.5 million in seed funding led by Special investinga deep-tech venture capital firm.

The new round also had participation from Artha India Ventures, Veda VCAnicut 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 company’s main product offerings include multi-sensor imagery via modern satellites and in-house developed data fusion technology. GalaxEye’s technology will enable the production of extremely high-resolution images from a small constellation of satellites that, once fully operational, will provide global coverage in less than 12 hours.

“We are truly the first Indian space start-up established in India to build an imaging satellite and we are committed to accelerating technology innovation in India for the world,” said Suyash Singh, co-founder and CEO of GalaxEye Space.

India’s exploration of private space has exploded, especially in the past two months. In October this year, the Indian Space Research Organization (ISRO) launched 36 communications satellites from London-based communications company OneWeb. Spacetech startup in Hyderabad, Skyroot Aviationalso created India’s first privately built missile Vikram-S, which was launched by ISRO in November of this year. In fact, the country’s space exploration space is expected to be valued at $13 billion
2025.

GalaxEye will also soon launch its first satellite, referred to as “Drishti Mission”. The company also said it will use the new funding to hire top talent and accelerate the launch of the world’s first multi-sensor Earth observation satellite.

“Next year is critical for us as we aim to reach space with our satellite and become the leader in multi-sensor imaging for the industry. We will be looking for an additional round of funding in the range of $15-25 million in 2023 to add more satellites to our constellation,” Singh added.

Founded in 2020, GalaxEye is the brainchild of entrepreneurs on the rise Avishkar Hyperloop, a team of scientists brought together through a global competition organized by Elon Musk’s aerospace manufacturer and space transportation company SpaceX. GalaxEye also announced the availability of the company’s flagship product offering, featuring multi-sensor imagery via modern satellites.

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