MountTech Growth Fund led the $10 million Series A round that space tech startup GalaxEye has closed.
In August of this year, the business raised $6.5 million in its first round of Series A funding. The current round also included participation from Mela Ventures, Speciale Invest, ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.
The company was established in 2020 by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, and Rakshit Bhatt. It specializes in delivering accurate datasets from aerial platforms and space using its sophisticated multi-sensor payload.
In order to provide clear data that is essential for industries like defense, surveillance, agriculture, insurance, and aquaculture, this technology combines optical MSI and SAR sensors.
In addition to developing India’s first UAV SAR system for defense markets, GalaxEye claims to have successfully completed over 300 flights carrying a UAV SAR payload.
A Rs 1,000 crore venture capital fund was recently approved by the Union Cabinet to assist startups in the space industry. The fund is expected to support about 40 startups in India.
