August 1, 2024: GalaxEye Space has raised $6.5 million as part of a Series A funding round, to launch GalaxEye’s first satellite, the “Drishti Mission,” to further advance its multi-sensor payload technology, enhance testing infrastructure in the labs, and support team expansion, Co-founder and CEO Suyash Singh.
GalaxEye is currently developing indigenous multi-sensor imaging satellites, equipped with optical multi-spectral imaging (MSI) and synthetic aperture radar (SAR) technologies. These satellites aim to provide continuous, all-weather information for any location on Earth, offering benefits to industries such as defence, agriculture, and mining.
“GalaxEye Space stands at the forefront of innovation with their unique approach to combining MSI and SAR technology. This capability has the potential to revolutionise how data is gathered and interpreted from space, offering unprecedented insights and real-time applications across various industries,” Vishesh Rajaram, Managing Partner of Speciale Invest, remarked. GalaxEye had raised a pre-seed round led by Speciale Invest in June 2021.
GalaxEye to launch its first satellite in the second quarter of 2025
The IIT Madras-incubated startup plans to launch its first satellite in the second quarter of 2025, followed by two additional launches the next year, according to the CEO. The GalaxEye chief mentioned that before 2000, GPS accuracy was around 50-80 metres, but by 1998 it had improved to 10 metres, marking the beginning of GPS commercialisation, which has since become essential to our daily lives. He added that the satellite imagery sector lacks a transformative moment like GPS’ breakthrough, with the intermittent nature of satellite imagery preventing it from becoming a ubiquitous part of daily life.
“We aim to ensure that, regardless of weather conditions or time of day, if we pass over your location, you will receive an image. Our goal is to provide seamless Earth monitoring, despite all odds,” elaborated Singh. Adding “Once we provide imagery combining MSI and SAR through Drishti, we believe we will be closer to that GPS moment in the satellite imagery space.”
The funding was co-led by Mela Ventures and Speciale Invest. The round also saw participation from ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital. ideaForge’s Rs 8.28 crore capital infusion for an undisclosed non-controlling stake in the spacetech startup GalaxEye, reported in the previous month, is part of the latest funding round.
