Spacetech startup GalaxEye raises $6.5 million led by Mela Ventures, Speciale Invest

Bengaluru-based space tech startup GalaxEye has raised $6.5 million in a Series A funding round co-led by Mela Ventures and Speciale Invest.

The round also saw participation from ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.

The startup plans to use the raised capital to launch its first satellite, the “Drishti Mission,” and to further develop its multi-sensor payload technology.

Revolutionizing satellite image acquisition

GalaxEye was founded in 2020 by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta and Rakshit Bhatt.

The startup aims to revolutionize satellite image acquisition by integrating hybrid optical multi-spectral imaging (MSI) and synthetic aperture radar (SAR) in a single payload.

This innovative approach provides continuous, all-weather information for any location on Earth, benefiting industries such as defense, agriculture, mining, and surveillance. 

Investors comment

Commenting on the investment, Krishnakumar Natarajan, managing partner at Mela Ventures, said, “The MSI/SAR technology can help defence, maritime, insurance, and agriculture with real-time visibility and significantly reduce their response time. We look forward to being part of the journey and are excited to see the ‘Drishti Mission’ satellite reach space.” 

“We have been proud supporters of GalaxEye from the beginning and believe in their vision to transform space technology. With this new round of funding, we are excited to continue our partnership and witness the impactful advancements they will bring to the market,” said Vishesh Rajaram, managing partner at Speciale Invest.

Partnership with iDEX DIO

The startup recently signed an agreement with iDEX DIO to design and develop a multi-sensor fusion processing system for the Indian Air Force's miniaturized satellites, which can carry payloads up to 150 kg. 

Additionally, in collaboration with ideaForge, GalaxEye is developing SAR payloads for drones, targeting critical defense applications.

In September 2023, the two companies partnered to jointly develop a UAV equipped with Foliage Penetration Radar for Indian security forces.

Planning to launch its first satellite 

GalaxEye plans to launch its first satellite in the second quarter of 2025, followed by two additional launches the next year.

The startup claims to have also developed India’s First UAV SAR system for defence markets and completed over 300 successful flights with UAV SAR Payload.