IIT Madras incubated space tech start-up, GalaxEye on Tuesday announced that it raised a pre-seed round led by Speciale Invest.
The company said the funds will be deployed to strengthen and build robust technology infrastructure, prototype development and build a world class team to help GalaxEye accelerate the growth of space infrastructure in India.
“We are committed to building the future of Satellite Image Acquisition globally. Our product would enable businesses to make better decisions and perform operations efficiently via Space Technology.” Suyash Singh, Co-founder, GalaxEye, said in a statement on Tuesday. “We look forward to an exciting next step for our company and in the process, simplifying access to satellite imagery for the untapped sectors.”
The team is working on building an efficient smart satellite constellation providing a completely new dataset at a high cadence and resolution. “Thus enabling businesses and governments to make data-driven decisions from derived insights.” Professor Satya Chakravarthy, Co-founder and Advisor, GalaxEye said. “We are proud to be building from India and we will continue to leverage hyperloop technologies to build world class space technology in India.”
GalaxEye aims to launch the first satellite by early 2023. The company was founded in 2020, and was the brainchild of a few members hived out of Avishkar Hyperloop, a global competition organised by Elon Musk’s aerospace manufacturer and space transportation services company SpaceX.
Team Avishkar Hyperloop was one of the top 21 teams out of the 1,600 plus participants from across the world. Led by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, Rakshit Bhatt and Prof. S. R. Chakravarthy. The company develops technologies that work in space, monitoring Earth and outer space as well, while also accelerating the growth of space infrastructure enabling multi-planetary evolution.
“We have invested across the Indian space-tech landscape, and find the vision and approach of GalaxEye very different and disruptive. They would bring non-linear efficiencies in the (estimated) $400B satellite imagery market (2030) and disrupt the satellite’s unit economics,” Vishesh Rajaram, Managing Partner, Speciale Invest, said.