Spacetech startup GalaxEye closes $10 million Series A funding round

GalaxEye, a spacetech startup focused on revolutionising satellite-based Earth observation, announced today the successful closure of its Series A funding round, securing $10 million. 

The funding round, which was led by MountTech Growth Fund – Kavachh, marks a significant milestone for the company’s mission of advancing its space mission development.

MGF-Kavachh is India’s premier critical tech-focused fund that has former Union Defence Secretary, Ajay Kumar, as its Founder Chairman. 

The round also saw notable investment from venture capital funds such as Mela Ventures, Speciale Invest, ideaForge, Samarthya Investment Advisors and Infosys who earlier last month disclosed its strategic investment in the company.

What does GalaxEye do?

Founded in 2021, GalaxEye Space is at the forefront of satellite innovation. The startup is building the world’s first multi-sensor satellite designed to provide all-weather, high-resolution data.

With its proprietary technology, it aims to set new benchmarks in the space sector by offering comprehensive and actionable insights across a range of industries.

Accelerating development of upcoming satellite mission

GalaxEye will use the raised capital to accelerate the development of its upcoming satellite mission, which aims to deliver high-resolution, all-weather, multi-sensor data next year in 2025. 

The startup said the 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, the release notes.

Leadership comments

“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," said Suyash Singh, CEO & Co-founder of GalaxEye.

Raj Sethia, Founder 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.”