Chennai, August 1, 2024: GalaxEye Space, an IIT-M incubated space technology startup, today announced that it has raised $6.5 million in Series A funding. It was led by Mela Ventures and followed by Speciale Invest, ideaForge, a drone maker, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital. This capital infusion will drive the launch of GalaxEye’s first satellite, as well as the development of its proprietary multi-sensor payload technology.
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GalaxEye Space is an emerging force in the space-tech domain that plans to use this funding toward increasing its team size, business development, and infrastructure improvement—especially on applications for defense, surveillance, and insurance. With its innovative multi-sensor payload technology, it assures accurate data through a constellation of satellites, holding huge potential across multiple industries.
“I am really excited about the support we have received through this round,” added a much-elated Suyash Singh, co-founder and CEO of GalaxEye Space Ltd. Speaking to the Times of India, Singh added that, “The capital raised will be integral in increasing our team size, building out our business development efforts—especially on the back of our drone SAR technology—and enhancing the quality of our testing facilities so that we can assure the highest standards of quality and reliability in our solutions.”
GalaxEye Space has developed a synthetic aperture radar system through which drones can see even in fog and foliage, making them high;y applicable for defense. This association with the drone maker ideaForge is likely to further enhance the capabilities of its UAV SAR system. The companies are targeting the commercialization of the UAV SAR system along with applications in space, thereby providing end-to-end sector solutions.
The funds raised in this Series A round are sufficient for the planned satellite launching, which is likely to take place within the next 12 months. GalaxEye Space, however, will be seeking additional funding in the future to ensure that it meets its ambitious growth plans and further technological advancements.
The participation by marquee investors like Mela Ventures, Speciale Invest, and ideaForge in the current funding round also signifies their belief in the unique innovation by GalaxEye Space and its potential to disrupt the space-tech industry. This startup is positioned well within this fast-evolving space sector, with a keen focus on developing cutting-edge technology for defense, surveillance, and insurance applications.
This move by GalaxEye Space amounts to being a significant nail in the coffin toward leading the front in advanced space technology solutions. With the satellite launch and further technological development in line, GalaxEye will be set in the right direction to really make some effective contributions to the space-tech industry and help solve some crucial defense and surveillance problems.
