Spacetech startup GalaxEye announced on Tuesday that it has raised a pre-seed round led by Speciale Invest.
A press statement said the startup plans to use the freshly raised funds to strengthen and build strong technology infrastructure, prototype development, and form an excellent team to accelerate the growth of space infrastructure in the country.
Established in 2020, GalaxEye is the brainchild of a few members of Avishkar Hyperloop, a global competition organized by Elon Musk’s aerospace manufacturer and space transportation services company SpaceX. Led by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, Rakshit Bhatt, and Prof. S. R. Chakravarthy, – Team Avishkar Hyperloop was among the top 21 teams out of the 1,600+ participants from across the globe.
Commenting on 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.” 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.”
Speaking about the investment, Vishesh Rajaram, Managing Partner, Speciale Invest, 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”.
GalaxEye is looking to launch the first satellite by early 2023. The company develops technologies that work in space, observing Earth, and envisions to monitor outer space too, while also boosting the growth of space infrastructure facilitating multi-planetary evolution. It would majorly be a business-to-business (B2B) and business-to-government (B2G) entity, and will operate on a subscription-based Data-as-a-Service model, the startup said.
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