Chennai based, spacetech startup backed by IIT Madras, GalaxEye announced that it raised an undisclosed amount in a pre-seed funding round. This funding round was led by Speciale Invest.
The startup stated in a press statement, that the latest fundraised amount build a rigid technology and strengthen infrastructure, development of prototypes and build a team to help GalaxEye in increasing growth of infrastructure for space in India.
Words from the investor –
On the latest investment done by Speciale Invest its Managing Partner, Vishesh Rajaram stated, –
“We have a strong belief in the founding team at GalaxEye (the only Asian team that made it to the SpaceX Hyperloop Pod Final Competition 2019). We have invested across the Indian spacetech 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”.
About GalaxEye –
GalaxEye was founded and established by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, Rakshit Bhatt and Prof. S. R. Chakravarthy in 2020. It was initiated by the co-funder after their Avishkar Hyperloop teaming in a global competition organised by Elon Musk’s services company SpaceX, space transportation service and aerospace manufacturer.
Team Avishkar Hyperloop was a part of the Top 21 teams out of more than 1600 participants across the world.
The startup aims to launch its first satellite by early 2023. It develops technologies that can work in space, envisions to monitor space and monitoring earth. It also aims to accelerate the growth of space infrastructure by enabling the evolution of multi-planetary aspects.
GalaxEye, would specifically be a business-to-government(B2G) and business-to-business (B2B) entity and will work on a subscription-based Data-as-a-Service model, as stated by the startup.
Words from the co-founder –
Speaking about the new development, Suyash Singh, Co-founder, GalaxEye, said,
“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.”
“The funding we have received demonstrates the confidence Speciale Invest has in us. We look forward to an exciting next step for our company, and in the process, simplifying access to satellite imagery for the untapped sectors.” – He further added.
“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,” added Professor Satya Chakravarthy, Co-founder and Advisor, GalaxEye.
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