The funds will be deployed to strengthen and build robust technology infrastructure, prototype development, and build a world-class team to help GalaxEye in accelerating the growth of space infrastructure in India.
IIT Madras incubated, Space Tech start-up, GalaxEye which aims to shape the future of satellite image acquisition, has announced raising a pre-seed round led by Speciale Invest. The funds will be deployed to strengthen and build robust technology infrastructure, prototype development, and build a world-class team to help GalaxEye in accelerating the growth of space infrastructure in India.
Founded in 2020, GalaxEye is the brainchild of a few members hived out of Avishkar Hyperloop, a global competition organized 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 envisions to monitor outer space as well, while also accelerating the growth of space infrastructure enabling multi-planetary evolution. The company would majorly be a B2B and B2G entity. It will operate on a subscription-based Data-as-a-Service model.
“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. He further added, “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.”
Professor 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.” Satya Chakravarthy, Co-founder, and Advisor, GalaxEye, said. He further 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.”
Vishesh Rajaram, Managing Partner, Speciale Invest, said, “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 space-tech landscape, and find the vision and approach of GalaxEye very different and disruptive. They would bring non-linear efficiencies in the (estimated) $400Bn satellite imagery market (2030) and disrupt the satellite’s unit economics”.
Experimented with Satellite Image Analytics, 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. GalaxEye aims to launch the first satellite by early 2023.
Source: Business World