Ex-defence secretary Ajay Kumar’s VC fund to invest in spacetech firm GalaxEye
Mounttech Growth Fund, an early-stage venture capital firm founded by former defence secretary Ajay Kumar, is joining the $10 million funding round of spacetech startup GalaxEye.
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The investment firm that focuses on space and defence startups is joining the likes of Infosys, Celesta Capital, Speciale Invest, Mela Ventures and Rainmatter in GalaxEye's Series A round.
This marks Mounttech’s maiden investment since its first close in July this year. On September 22, ET reported that the fund raised Rs 400 crore and closed its first deal, with three more deals nearing finalisation. The VC firm did not disclose the amount it is investing in the startup.
The $10 million funding includes $2 million raised from Infosys and $6.5 million from Mela Ventures and Speciale Invest that are leading the round.
The proceeds will be used for accelerating the development of its upcoming satellite, ‘Drishti Mission’, set to provide high-resolution, all-weather, multi-sensor data.
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