GalaxEye, a SpaceTech startup focused on revolutionising satellite-based Earth observation, has raised $10 million in its Series-A funding round.
In August, the company raised the first tranche of Series A funding, amounting to $6.5 million led by Speciale Invest and Mela Ventures.
The latest funding tranche roped in MountTech Growth Fund – Kavachh as a strategic investor. This marks MountTech’s maiden investment since its 1st Close announcement in July 2024. MGF-Kavachh is India’s critical tech-focused fund with former Union Defence Secretary Ajay Kumar as its founder chairman.
This round also saw notable investment from venture capital funds such as Rainmatter, Navam Capital, Faad Capital, Anicut Capital, ideaForge, Samarthya Investment Advisors and also global IT magnate, Infosys who earlier last month disclosed its strategic investment in the company.
This latest tranche of investments will be used to accelerate the development of its upcoming satellite mission, which aims to deliver high-resolution, all-weather, multi-sensor data next year in 2025.
This technology will play a crucial role in a variety of sectors & segments ranging from defence and surveillance to agriculture, maritime and insurance, where accurate and timely satellite data is becoming increasingly indispensable.
GalaxEye’s mission is to launch a constellation of micro-satellites capable of capturing unparalleled data from space, providing real-time insights to both government and private sectors by 2027.
Suyash Singh, Co-founder and CEO, GalaxEye, said, “We are thrilled to have MGF-Kavachh as our strategic partner at this pivotal stage of our journey. Their deep expertise and support platform for defence and national security start-ups will complement our technological capabilities as we work towards launching our space missions. The Prime Minister’s support towards the development of the Indian space eco-system expressed during our recent interaction further energises our commitment to developing space-based solutions that can serve India and deliver critical insights on a global scale.”
Raj Sethia, Founder and Managing Partner of MGF-Kavachh said, “GalaxEye’s innovative approach to satellite technology aligns perfectly with our commitment to fostering groundbreaking advancements in national security and defence. We believe their multi-sensor capabilities will not only redefine Earth observation but also support India’s strategic objectives on a global stage. We are excited to partner with GalaxEye as they embark on this transformative journey, enhancing our nation’s technological prowess and resilience.”
