August 1, 2024, Chennai: The space technology business GalaxEye Space, nurtured at IIT-M, has announced today that it has secured $6.5 million in Series A funding. Mela Ventures led the way, with Speciale Invest, ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital trailing behind. This investment will fuel the development of GalaxEye’s in-house multi-sensor payload technology as well as the launch of the company’s first satellite.
The cash will be used by GalaxEye Space, a rising star in the space tech industry, to grow its staff, expand its business, and upgrade its infrastructure, with a focus on defense, insurance, and surveillance applications. With its cutting-edge multi-sensor payload technology, it guarantees precise data via a constellation of satellites and has enormous promise in a variety of industries.
“We are extremely happy with the support we have gotten in this round,” said GalaxEye Space Ltd. co-founder and CEO Suyash Singh, beaming with excitement. Singh stated, “The capital raised will be integral in building out our business development efforts—especially on the back of our drone SAR technology—and increasing our team size to assure the highest standards of quality and reliability in our solutions,” in an interview.
GalaxEye Space has created a synthetic aperture radar system that enables drones to see through fog and foliage, making it highly suitable for defense applications. Its collaboration with drone manufacturer IdeaForge is expected to further enhance the capabilities of its UAV SAR system. The companies aim to commercialize this UAV SAR technology and explore its applications in space, offering comprehensive solutions across various sectors.
The funds secured in this Series A round are adequate for the planned satellite launch, expected within the next 12 months. However, GalaxEye Space will pursue additional funding in the future to support its ambitious growth objectives and drive further technological advancements.
Prominent backers such as Mela Ventures, Speciale Invest, and ideaForge have participated in the current fundraising round, demonstrating their faith in GalaxEye Space’s innovative technology and its ability to upend the space-tech sector. This startup is well-positioned in the rapidly changing space industry, with a strong emphasis on creating cutting-edge technology for use in insurance, defense, and surveillance.
GalaxEye Space’s initiative marks a major step toward establishing leadership in advanced space technology solutions. With the upcoming satellite launch and continued technological advancements, GalaxEye is well-positioned to make substantial contributions to the space-tech industry and address key defence and surveillance challenges.
