%20Rakshit%20Bhatt,%20Suyash%20Singh,%20Denil%20Chawda,%20Kishan%20Thakkar,%20Pranit%20Mehta.png "GalaxEye raises .5 mn in seed round led by Special Invest")
GalaxEye Founding Team: (from left to right) Rakshit Bhatt, Suyash Singh, Denil Chawda, Kishan Thakkar and Pranit Mehta.
| Photo Credit: Special Arrangement
GalaxEye Space, a space tech start-up focused on earth observation, has raised a $3.5 million in seed round of funding led by Special Invest, a deep-tech venture capital firm.
The latest round also had participation from investors, including Artha India Ventures, Veda VC, Anicut Capital, Upsparks and a consortium of entrepreneurs, including Nithin Kamath (Founder/CEO of Zerodha), Prashant Pitti (Founder/CEO of EaseMyTrip), Abhishek Goyal (Founder/CEO of Tracxn) and Ganpathy Subramaniam (Partner at Celesta Capital).
The fresh funding will be used for hiring talent and accelerate the launch of the world’s first multi-sensor satellite for earth observation. This will also mark the beginning of commercialisation with GalaxEye customers across the U.S., Europe and Africa.
“We are the first Indian space start-up incorporated in India to build an imaging satellite and we are committed to accelerating technological innovation in India for the world,” said Suyash Singh, co-founder and CEO, GalaxEye Space. “This is possible today with the support available from ISRO, the government and our global partners,” he said.
“GalaxEye is one of the unique companies with the vision to democratise access to space for the small satellite market. Their team has a distinctive mix of domain strength and tenacity that will get them to space, making India self-reliant,” said Vishesh Rajaram, managing partner, Speciale Invest.
The company previously raised an undisclosed amount in a pre-seed funding round, led by Speciale Invest, in May 2021. GalaxEye has already signed partnership and commercial contracts with several leading organisations in the space tech ecosystem, including the U.S.-based space software provider Antaris. The company plans to continue expanding its partnerships and customer base in the coming months and has submitted a proposal to IN-SPACe seeking support from ISRO.
