Space tech startup GalaxEye raises $6.5 million in first round led by Mela Ventures, Speciale Invest
Space technology startup GalaxEye has announced the first close of its fundraising round, raising $6.5 million led by Mela Ventures and Speciale Invest.
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The round also saw participation from ideaForge, with additional investments from Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.
The funds will be used for launching its first satellite, ‘Drishti Mission’, and further developing its multi-sensor payload technology.
“Majorly, the milestone is to put the satellite into orbit and also get a bunch of really experienced folks to build a satellite,” cofounder and chief executive Suyash Singh told ET in an interaction.
The Bengaluru-based startup is aiming to launch the satellite, which is currently in development, around the middle of next year.
Founded in 2020, the company develops technologies that work in space, monitoring the earth, envisioning monitoring outer space, and accelerating the growth of space infrastructure enabling multi-planetary evolution.
“Anyone who needs infrastructure monitoring is one of our customers. But defence certainly is one of the largest customers that we're going to look at in the future,” said Singh.
The startup has also tied up with companies such as Ideaforge for drones and other industry partners for satellite launches, including satellite platform systems, satellite assembly and testing, and launch
