GalaxEye Space, a spacetech startup focused on earth observation, has raised $3.5 million in a seed round of funding led by Speciale Invest, a deep-tech venture capital firm. The round also saw participation from investors including Artha India Ventures, Veda VC, Anicut Capital, Upsparks, and a clutch of entrepreneurs including Nithin Kamath, Prashant Pitti, Abhishek Goyal, and Ganpathy Subramaniam.
The company previously raised an undisclosed amount in a pre-seed funding round led by Speciale Invest in May 2021.
The fresh funding will help ramp up its hiring of top-tier talent and accelerate the launch of the multi-sensor satellite for earth observation. This will also mark the beginning of commercialization with GalaxEye customers across the US, Europe and Africa, the company said in a press release.
Founded in 2020, GalaxEye is building a multi-sensor earth observation satellite. It is building a constellation of indigenous micro-satellites with data fusion capabilities.
GalaxEye has already signed partnerships and commercial contracts with several leading organizations in the space tech ecosystem, including US-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.
Speciale Invest is a seed stage venture capital firm that invests in deep technology in cloud, voice and vision AI/ML, image analytics, AR/VR are among the interests of the fund. Its portfolio companies include Agnikul, Airboxr, Fego, CynLr, Astrogate Labs, Bluecopa, Rocketlane, and Skydo among others.