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 technology infrastructure, prototype development and build its team. The startup aims at launching the first satellite by early 2023.
Founded in 2020, GalaxEye realized a gap in the earth observation data provider segment and is therefore working on an advanced constellation of earth observation satellites in space with the vision to enable businesses and government to make efficient decisions based on data obtained from a high-resolution dataset with high frequency of coverage.
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The startup is 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.
“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.
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.”
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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 would bring non-linear efficiencies in the (estimated) $400 billion satellite imagery market (2030) and disrupt the satellites unit economics,” he added.