Indian spacetech startup GalaxEye raises $3.5 million in seed round

• The company’s flagship product offering features multi-sensor imagery via modern satellites.
  
• The startup will use the fresh funding to bolster the hiring of top talent and help launch the world's first multi-sensor satellite for earth observation.
  
• The India space exploration industry is expected to hit $13 billion by 2025.

GalaxEye Space, an Indian spacetech start-up focused on earth observation, announced on Thursday that it has successfully raised a $3.5 million round of seed funding led by Special Invest, a deep-tech venture capital firm.

The new round also had participation from 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 company’s flagship product offering features multi-sensor imagery via modern satellites and data fusion technology, developed in-house. GalaxEye’s technology will enable the production of images with extremely high resolution via a small satellite constellation that, once fully operational, will provide global coverage in under 12 hours.

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

India’s private space exploration has taken a huge lift-off, especially in the past two months. In October this year, the Indian Space Research Organisation (ISRO) launched 36 communications satellites of London-based communications company, OneWeb. Hyderabad-based spacetech startup, Skyroot Aerospace, also created India’s first privately built rocket Vikram-S, which was launched by ISRO in November this year. In fact, the country’s space exploration space is expected to reach a valuation of $13 billion by 2025.

GalaxEye will soon launch its first satellite as well, denoted as "Drishti Mission". The company also stated that it will use the fresh funding for hiring top-tier talent and accelerating the launch of the world's first multi-sensor satellite for earth observation.

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

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

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