Seed Funding Round led by Special Invest for an Indian space tech startup, GalaxEye space, has raised $3.5 million.
GalaxEye aims for a featuring multi-sensor imagery through modern satellites.
Data Fusion Technology
The data fusion technology, developed in-house by the firm, will bring unparalleled insights and data from space allowing satellite constellations to perform all-weather imaging at all times without atmospheric interference typical of single-sensor satellites.
The technology will empower the [production of images with extremely high resolution via a small satellite constellation. Once it is fully operational will provide global coverage in under 12 hours.
Suyash Singh, co-founder and CEO of GalaxEye Space, said they were the first Indian space start-up to build an imaging satellite. The company is committed to accelerating technological innovations in India for the world.
Special Invest, a deep-tech venture capital firm led a seed fund round. Active participation was seen from the Founder/CEO of Zerodha, Nithin Kamath, Veda VC and Artha India Ventures.
Prashant Pitti (founder/CEO of Ease My Trip) Ganapathy Subramaniam Partner at Celesta Captial, Anicut Captial and that it has received funding from India Railways too.
The space tech startup will have an additional round of funding and excepts to raise $15-25 million in 2023 to add more satellites to our constellation.
The Indian space tech GalaxEye was founded in 2020; It is the brainchild brought by a team of scientists via a global competition organized by Elon Musk’s space transportation services company Space X and aerospace manufacturer.
GalaxEye was by a team of 5 students/alumni of the Indian Institute of Technology Madras, who have previously worked together as part of Team Avishkar Hyperloop, a student competition team at IIT-M, which qualified as the only Asian Finalist at the SpaceX Hyperloop Competition 2019. They were an IIT Madras incubated space tech startup based out of Bangalore.
Featured image credit: Startup Story
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