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<ul><li>The company’s flagship product offering features multi-sensor imagery via modern satellites. </li><li>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. </li><li>The India <keyword id="718929" type="General" weightage="20" keywordseo="space-exploration" source="Orion">space exploration</keyword> industry is expected to hit $13 billion by 2025.</li></ul><keyword id="11360719" type="General" weightage="100" keywordseo="galaxeye" source="Orion">GalaxEye</keyword> 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 <keyword id="15793055" type="General" weightage="50" keywordseo="special-invest" source="Orion">Special Invest</keyword>, a deep-tech venture capital firm. The new round also had participation from Artha India Ventures, <keyword id="14083005" type="General" weightage="50" keywordseo="veda-vc" source="Orion">Veda VC</keyword>, 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 &amp; 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 (<keyword id="6358064" type="General" weightage="20" keywordseo="isro" source="Orion">ISRO</keyword>) launched 36 communications satellites of London-based communications company, OneWeb. Hyderabad-based spacetech startup, <keyword id="7537495" type="General" weightage="20" keywordseo="skyroot-aerospace" source="Orion">Skyroot Aerospace</keyword>, 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 <a href="https://economictimes.indiatimes.com/opinion/et-commentary/indias-space-exploration-sector-will-potentially-hit-13-billion-by-2025-making-it-ripe-for-startups/articleshow/96180161.cms">2025</a>. 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 <keyword id="7762552" type="General" weightage="50" keywordseo="avishkar-hyperloop" source="Orion">Avishkar Hyperloop</keyword>, 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. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/will-be-lucky-if-we-grow-5-next-year-says-former-rbi-governor-raghuram-rajan/articleshow/96249572.cms">Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/how-many-startups-turned-unicorns-in-2022-in-india-check-out-the-list/articleshow/96248261.cms">New Indian unicorns get rarer in 2022 as funding winter sets in</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/bumble-reveals-upcoming-dating-trends-in-2023/slidelist/96243427.cms#slideid=96244109">Inter-city love, better boundaries &amp; rise of divorced singles: Bumble reveals upcoming dating trends in 2023</a>

Indian spacetech startup GalaxEye raises $3.5 million in seed round

<keyword id="11653718" type="UNKNOWN" weightage="20" keywordseo="team-avishkar">Team Avishkar</keyword> of the <keyword id="55119" type="ORGANIZATION" weightage="20" keywordseo="Indian-Institute-of-Technology">Indian Institute of Technology</keyword> (<keyword id="6354859" type="UNKNOWN" weightage="20" keywordseo="IIt">IIT</keyword>) <keyword id="6357595" type="LOCATION" weightage="20" keywordseo="madras">Madras</keyword> has qualified for the European Hyperloop Week. The team, consisting of 40 students, has earned its place in the international event because of the self-propelled, autonomous hyperloop pod developed by it. Mentored by the Centre For Innovation (<keyword id="257398" type="ORGANIZATION" weightage="20" keywordseo="CFI">CFI</keyword>), <keyword id="6356755" type="ORGANIZATION" weightage="20" keywordseo="iit-madras">IIT Madras</keyword>, Team <keyword id="4121004" type="PERSON" weightage="20" keywordseo="Avishkar">Avishkar</keyword> was the only team from Asia to qualify for the finals of the SpaceX Hyperloop Pod Competition 2019, a global contest organised by Elon <keyword id="364027" type="PERSON" weightage="20" keywordseo="Musk">Musk</keyword>'s aerospace company SpaceX. It was Musk who had proposed the idea of a hyperloop in his 2013 white paper on 'Hyperloop Alpha'. Out of more than 1,600 teams participating in this prestigious cutting-edge event, Team Avishkar was among the Top 21. Hyperloop offers a new revolutionary mode of transportation -- a high-speed train that travels in a near-vacuum tube. The reduced air resistance allows the capsule inside the tube to reach speeds of more than 1,000 km/h, thereby dramatically reducing travel time across medium-range distances. Despite the challenges posed by the pandemic and the lockdowns, the 40 students of Team Avishkar collaborated with each other on the development of the Hyperloop pod from their homes. They completely revamped the pod's sub-systems with scalable and efficient technologies. In the past few months, they manufactured a Hyperloop Pod prototype and tested the novel technology. "Our research has yielded technological breakthroughs such as the linear induction motor for propulsion, a proprietary levitation technology, and contactless magnetic braking system," said Neel Balar, Team Avishkar lead and third-year student at the IIT's Department of Engineering Design. "Looking beyond the pod, the team is also focusing efforts on the design of the Hyperloop's infrastructure," he added. Explaining the importance of the infrastructure, such as tubes and pylons, Kishan Thakkar, fourth-year student at the IIT's Department of Metallurgical and Materials Engineering, said it takes up about 70 per cent of a Hyperloop corridor's budget. "Our research is focused mainly on reducing the cost of this infrastructure and adapting the Hyperloop to the needs of the Indian sub-continent," Thakkar said in a statement. "The team is truly pushing the frontiers of this technology to create a sustainable future," he added. Hyperloop has been a buzzword in India for the past few years. Several companies have proposed routes such as Mumbai-Pune and Chandigarh-Amritsar. After an initial study, Team Avishkar is working on a detailed study of energy needs, costs, demand and other aspects of a business model for a Hyperloop corridor between Bangalore and Chennai to assess the economic feasibility of the idea in India. Team Avishkar estimates that the travel time between Bangalore and Chennai can be reduced to just 30 minutes, compared with the six hours it takes today by car or train. Deloitte India has provided support to the team's efforts to make its mark at the European Hyperloop Week, which will be held in Valencia, Spain, from July 19 to 25. The team will participate virtually because of the pandemic-related travel restrictions. SEE ALSO - <a href="https://www.businessinsider.in/tech/news/netflix-plans-to-add-video-games-to-its-categories/articleshow/84433119.cms">Netflix will reportedly add video games on its platform ‘within the next year’</a> <a href="https://www.businessinsider.in/business/corporates/news/just-dial-share-price-surge-as-mukesh-ambani-is-looking-to-buy-just-dial/articleshow/84432450.cms">As Mukesh Ambani reportedly dials in, Just Dial stocks surge 3%</a>

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Indian spacetech startup GalaxEye raises $3.5 million in seed round

Eetika Kapoor

IIT Madras' Avishkar team qualifies for the European Hyperloop Week competition

IANS

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