[Funding alert] Spacetech Startup GalaxEye Raises Seed Funding

GalaxEye Space, a startup in the spacetech sector, has raised $3.5 million in a seed round led by Speciale Invest.

Investors like Artha India Ventures, Veda VC, Anicut Capital, Upsparks, and entrepreneurs like Nithin Kamath of Zerodha, Prashant Pitti of EasyMyTrip, Abhishek Goyal of Tracxn, and Ganpathy Subramaniam (Celesta Capital) participated in the round as well.

The business wants to increase hiring and hasten the deployment of the first multi-sensor earth observation satellite in the world, as per reported VCCircle.

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“We will be seeking an additional round of funding of the order of $15-25 million in 2023 to add more satellites to our group as our business grows,” said Suyash Singh, founder, and chief executive officer, GalaxEye.

GalaxEye was founded in 2020 by a team of 5 students/alumni of Indian Institute of Technology Madras, who have previously worked together as part of Team Avishkar Hyperloop, a student competition team at IIT-M, which qualified as the only Asian Finalist at the SpaceX Hyperloop Competition 2019. They are an IIT Madras incubated space tech startup currently based out of Bangalore.

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The business previously completed a pre-seed investment round led by Speciale Invest in May 2021 for an unknown sum.

About GalaxEye

GalaxEye is a Space Technology startup spun out of Team Avishkar Hyperloop, IIT Madras, looking to provide the most Meaningful Data from Space. This is enabled by a constellation of Smart Earth Observation Satellites, equipped with their novel "Drishti Sensor", having sensing capabilities of SAR and Optical Spectra from the same platform.

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