Spacetech startup GalaxEye closes Series A round at $10 Mn

Space tech startup GalaxEye has closed its $10 million Series A round, led by MountTech Growth Fund.

The company raised the first tranche of Series A funding, amounting to $6.5 million, in August this year. Mela Ventures, Speciale Invest, ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital also participated in the current round.

Founded in 2020 by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta and Rakshit Bhatt, the company specialises in providing precise datasets from space and aerial platforms via their advanced multi-sensor payload.  

This technology integrates Optical MSI and SAR sensors to deliver intuitive data, crucial for sectors like defence, surveillance, agriculture, insurance, and aquaculture.  

GalaxEye claims to have also developed India's First UAV SAR system for defence markets and completed over 300 successful flights with UAV SAR Payload.  

Recently, the Union Cabinet approved a Venture Capital Fund worth Rs 1,000 crore to support space sector startups. The fund will assist approximately 40 startups across India.