[Funding News] GalaxEye Raises $6.5 Mn Funding Round Led by Mela Ventures, Speciale Invest, others

GalaxEye Space, a startup in the space technology industry, has secured $6.5 million in funding through a Series A funding round.

The proceeds obtained from the initial completion of the present funding round will be allocated towards the deployment of GalaxEye's inaugural satellite, known as the "Drishti Mission." This will serve to further progress its advanced multi-sensor payload technology, improve the testing facilities within the laboratories, and facilitate the expansion of the team.

The funding round was co-led by Mela Ventures and Speciale Invest. Additionally, ideaForge, Rainmatter, Navam Capital, Faad Capital, and Anicut Capital also participated in the round.

Read also - Bengaluru Gemba Capital Unveils Rs 250 Cr Fund II

ideaForge's investment of INR 8.28 crore in GalaxEye, for which the stake percentage has not been disclosed, is a contribution to the ongoing funding round.

GalaxEye is creating native multi-sensor imaging satellites that are equipped with both optical multi-spectral imaging (MSI) and synthetic aperture radar (SAR) technology. The primary objective of these satellites is to deliver uninterrupted and weather-independent data at each point on the Earth's surface, hence providing advantages to sectors such as defense, agriculture, and mining.

About GalaxEye

Founded in 2021 by Suyash Singh, GalaxEye is an Indian-based space tech startup and the first Indian HQ startup to send the Satellite in orbit soon.

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