IIT-M incubated GalaxEye raises funds in pre-seed round

IIT Madras incubated, Space Tech startup, GalaxEye has raised an undisclosed quantity in a pre-seed round led by Speciale Invest.

The funds will probably be deployed to strengthen and construct know-how infrastructure, prototype growth and construct its crew. The startup goals at launching the primary satellite tv for pc by early 2023.

Founded in 2020, GalaxEye realized a spot in the earth statement knowledge supplier section and is due to this fact engaged on a sophisticated constellation of earth statement satellites in house with the imaginative and prescient to allow companies and authorities to make environment friendly selections based mostly on knowledge obtained from a high-resolution dataset with excessive frequency of protection.

The startup is the brainchild of some members hived out of Avishkar Hyperloop, a worldwide competitors organised by Elon Musk’s aerospace producer and house transportation providers firm SpaceX. Team Avishkar Hyperloop was one of many prime 21 groups out of the 1,600 plus contributors from internationally.

“We are committed to building the future of satellite image acquisition globally. Our product would enable businesses to make better decisions and perform operations efficiently via space technology.” Suyash Singh, Co-founder, GalaxEye, stated.

Satya Chakravarthy, Co-founder and Advisor, GalaxEye, stated, “Our team is working on building an efficient smart satellite constellation providing a completely new dataset at a high cadence and resolution thus enabling businesses and governments to make data-driven decisions from derived insights.”

Vishesh Rajaram, Managing Partner, Speciale Invest, stated, “We have invested across the Indian space-tech landscape, and find the vision and approach of GalaxEye very different and disruptive. They would bring non-linear efficiencies in the (estimated) $400 billion satellite imagery market (2030) and disrupt the satellites unit economics,” he added.