IIT Madras incubated space tech startup, GalaxEye, has raised an undisclosed amount in a pre-seed round led by Speciale Invest.
The funds will be deployed to strengthen and build its infrastructure and for prototype development. The startup aims to launch its first satellite by early 2023.
Founded in 2020, GalaxEye aims to realize a gap in the earth observation data provider segment, and is working on an advanced constellation of earth observation satellites with the vision of enabling stakeholders to make efficient decisions based on a high-resolution dataset with high frequency of coverage.
The startup is the brainchild of a few members hived out of Team Avishkar Hyperloop, a global competition organised by SpaceX, Elon Musk’s aerospace manufacturer and space transportation services company. The team was one of the top 21 out of over 1,600 participants from across the world.
“We are committed to building the future of satellite image acquisition globally. Our products would enable businesses to make better decisions and perform operations efficiently via space technology.” Suyash Singh, co-founder, GalaxEye, said.
Satya Chakravarthy, co-founder and advisor, GalaxEye, said, “Our 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.”
Vishesh Rajaram, managing partner, Speciale Invest, said, “We have invested across the Indian space-tech landscape and find the vision and approach of GalaxEye very different and disruptive. They could bring about non-linear efficiencies in the (estimated) $400 billion satellite imagery market (2030) and disrupt the satellites unit economics,” he added.
