GalaxEye Raises $3.5 Million in Seed Funding

Indigenous satellite maker GalaxEye announced a seed-stage funding of $3.5 million led by deep-tech venture capital firm Speciale Invest.

The Bengaluru-based company will focus on hiring new employees and expediting the launch of a new multi-sensor earth observation satellite, according to the Economic Times. This will help commercialise with GalaxEye Customers in the US, Europe, and Africa.

The seed round had various investors, including Artha India Ventures, Veda VC, Anicut Capital, Upsparks, Zerodha founder Nithin Kamath, EaseMyTrip founder Prashant Pitti, Tracxn founder Abhishek Goyal and Celesta Capital partner Ganpathy Subramaniam.

“Next year is crucial for us, as we aspire to reach space with our satellite and become the leader in multi-sensor imaging for the industry. We will be seeking an additional round of funding of the order of $15-25 million in 2023 to add more satellites to our constellation as our business grows,” GalaxEye Space co-founder and CEO Suyash Singh said.

Furthermore, GalaxEye announced the availability of a flagship satellites with multi-sensor imagery. This satellite will provide insights and data from space, enabling satellite constellations to perform all-weathering imaging.

GalaxEye was founded in 2020 by 5 alumni of IIT Madras who previously worked at Avishkar Hyperloop. Currently based out of Bangalore, GalaxEye became the only Asian Finalist at the SpaceX Hyperloop Competition 2019.