GalaxEye is a space tech startup that raised Rs 17 crore from IT giant Infosys in its series A funding round. This funding round saw the participation of several new and existing investors including individual investors. The company plans to use these fresh proceeds to scale its operations, enhance its platform, increase its workforce, advance its technologies, and develop its market presence.
The company will also use some of this investment to launch its multi-sensor imaging satellite to offer geospatial analysis to the defense industry. The exchange filing mentioned that the investment is expected to happen through the Infosys Innovation Fund. The fund is focused on making the collaboration between artificial intelligence and deep tech startups to develop and offer clients next-generation solutions. The company also aims to build a constellation of Indigenous micro-satellites with data fusion capabilities. The satellite was initially planned to launch in the September quarter of 2024 but it got delayed.
The space tech startup has raised over $10.5 million across multiple funding rounds since its inception, including a $6.5 million series A funding round from Mela Ventures and Speciale Invest. This Rs 55 crore funding had investors including Rainmatter Capital, Faad Capital, Navam Capital, IdeaForge, and Anicut Capital. Earlier this month, the exchange filing mentioned that Galaxeye signed a deal with the drone tech startup IdeaForge to sell its series A compulsory convertible preference shares worth Rs 8.28 crore.
The CEO of GalaxEye, Suyah Singh mentioned that this investment will enable the startup to accelerate its technological growth and enhance its satellite launching techniques. The company plans to grow its team and strengthen its technology. The transaction for this ongoing series A funding round is set to be completed by 30th September. Following this round, the IT major Infosys will account for 20 percent of the firm’s share and Speciale Invest will remain as the largest institutional investor of the startup.
The development came just when the Indian space tech ecosystem saw increased investor interest and new government policies to back up the space tech sector. Inc42 report mentioned that India has around 150+ space tech startups including Agnikul and Pixxel. These Indian Space tech startups raised over $28 million between 2014 and 2023. This sector is predicted to cross $77 billion in the next six years.
Conclusion :
GalaxEye is a Bengaluru-based space tech startup that secured Rs 17 crore in its series A funding round from Infosys with the participation of the firm’s new and existing investors. The company intends to use this fresh capital to launch its satellite, enhance its platform, meet general corporate purposes, and increase its workforce. Following this round, the IT giant Infosys holds 20 percent of the firm’s stake.
The Space tech sector is expected to increase and cross 77 billion USD by 2030. Galaxeye faces competition from other space tech startups such as SatSure, Capella Space, and Spire. This series A funding round is set to be closed by September 30th.
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