GalaxEye, an emerging spacetech innovator specializing in satellite-based Earth observation, announced the successful close of its Series A funding round, securing a $10 million investment. The round, led by the critical tech-focused MountTech Growth Fund – Kavachh (MGF-Kavachh), marks a crucial milestone in GalaxEye’s quest to advance satellite mission development.
MountTech Growth Fund – Kavachh, founded by former Union Defence Secretary Ajay Kumar, is India’s premier fund supporting cutting-edge technology companies. The Series A round also attracted investments from prominent venture capital groups including Mela Ventures, Speciale Invest, ideaForge, Samarthya Investment Advisors, and Infosys, the latter of which had disclosed a strategic investment in GalaxEye last month.
Founded in 2021, GalaxEye is pioneering a new era in satellite innovation with the world’s first multi-sensor satellite capable of capturing high-resolution, all-weather data. This proprietary technology is expected to set new standards in the space sector, delivering actionable insights for a range of industries. The funds will accelerate the development of GalaxEye’s satellite mission, which aims to begin supplying high-resolution multi-sensor data in 2025.
The advanced capabilities of GalaxEye’s technology will be transformative for sectors such as defense, surveillance, agriculture, maritime, and insurance, where timely, precise satellite data is critical. By 2027, GalaxEye envisions deploying a constellation of micro-satellites capable of delivering real-time, unparalleled insights to both government and private sectors globally.
“We are thrilled to have MGF-Kavachh as our strategic partner at this pivotal stage of our journey. Their deep expertise and support-platform for defense and national security start-ups will complement our technological capabilities as we work towards launching our space missions. The Prime Minister’s support towards the development of the Indian space ecosystem expressed during our recent interaction, further energizes our commitment to developing space-based solutions that can serve India and deliver critical insights on a global scale,” said Suyash Singh, CEO & Co-founder of GalaxEye.
Raj Sethia, Founder Managing Partner of MGF-Kavachh, added, “GalaxEye’s innovative approach to satellite technology aligns perfectly with our commitment to fostering groundbreaking advancements in national security and defense. We believe their multi-sensor capabilities will not only redefine Earth observation but also support India’s strategic objectives on a global stage. We are excited to partner with GalaxEye as they embark on this transformative journey, enhancing our nation’s technological prowess and resilience.”
