Spacetech startup GalaxEye has raised its Series A funding of $10 million with MountTech Growth Fund – Kavachh, founded by former defence secretary Ajay Kumar, as a strategic investor. The round also saw investment from venture capital funds including Mela Ventures, Speciale Invest, ideaForge, Samarthya Investment Advisors and Infosys who disclosed its strategic investment in the company earlier last month.
The deal marks MountTech’s maiden investment since its first close announcement in July this year to support solutions that boost India’s national security and technology independence.
Speaking on the funding, Suyash Singh, CEO & Co-founder of GalaxEye said MGF-Kavachh’s deep expertise and support platform for defence and national security startups will complement the company’s technological capabilities as it works towards launching space missions.
GalaxEye said it will deploy the capital towards accelerating the development of its upcoming satellite mission for high-resolution, all-weather multi-sensor data next year in 2025. The satellite will help sectors including defence and surveillance, agriculture, maritime and insurance, where accurate and timely satellite data is becoming increasingly indispensable.
The company aims to launch a micro-satellite constellation capable of capturing space data and providing real-time insights to government and private sectors by 2027.
“GalaxEye’s innovative approach to satellite technology aligns perfectly with our commitment to fostering groundbreaking advancements in national security and defence. We believe their multi-sensor capabilities will not only redefine Earth observation but also support India’s strategic objectives on a global stage,” said Raj Sethia, Founder Managing Partner, MGF-Kavachh.
India’s booming space sector was valued at $9.6 billion in 2020, with a share of 2-3 per cent of the global space economy, according to the government’s Invest India portal. The market size is likely to grow to $13 billion by 2025, and by 2030 India is expected to have nearly 10 per cent share of the global space market.