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 30^th.

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The startup intends to use some of this investment to accelerate the development pipeline and enhance human spaceflight. The space tech startup aims to expand its services, improve technology, and explore new market applications. The space tech startup is developing new products and offering innovative space tech solutions. MetaKosmos is currently focused on developing the Kosmosuit for life in Space.

This multi-environment spacesuit platform can be used in extreme conditions and consists of the base layer, proprietary software, and exosuits. The company aims to advance its spacesuit technology. The founder and CEO of MetaKosmos, Kiriti Rambhatla showed gratitude towards investors and highlighted that the company will use this fund to transform human space-flight services. This investment will enable the company to complete its test facility and the spacesuit. 

The Sydney company believes this investment will enable them to launch new products and scale the Kosmosuit platform. The startup secured $250k from the Moon to Mars supply chain capability program as a part of NASA’s Artemis program for lunar exploration. The CEO of Alzadhar Al-Sanai, Aziz AlOthman mentioned that the company will support the startup in its journey to expand its services globally.

The space tech startup aims to expand its capabilities in countries like the USA, India, Australia, and Saudi Arabia. The investment shows investor’s trust in the market potential and business model of MetaKosmos.

The company plans to use cutting-edge technologies to transform the future of human spaceflight in the world.  The CEO of MetaKosmos mentioned that this investment would help the startup carry out its Kosmosuit mission and accelerate its technological growth. The company plans to grow itself and strengthen its technical capabilities. The development came just when the space tech market saw increased investor interest. The Space tech sector is expected to increase and reach the 77 billion USD mark in the next six years.

Conclusion:

MetaKosmos is a space tech startup from Sydney that has a team of experienced engineers, medical doctors, and scientists coming together to transform the future of space technology and solve challenges in human spaceflight. The startup secured 2 million USD in its ongoing pre-series funding round. The round saw the participation of the firm’s new and existing investors.

This space tech startup intends to use these fresh proceeds to scale its Kosmosuit platform, enhance its technologies, and improve its technical capabilities. The company previously secured $250k from NASA Artemis Program for Lunar exploration. The Space tech market is predicted to grow and reach 77 billion USD by 2030. Metakosmos aims to expand its capabilities in the USA, Australia, India, and Saudi Arabia.

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

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NewSpace India Ltd. 

NewSpace India Limited (NSIL) is a NewSpace Company which is an original equipment manufacturer, for the Indian Government, NSIL is a government of India undertaking incorporated on March 6, 2019, under the Companies Act 2013. This organization is under DOS administrative control, which is the commercial arm of the Indian Space Research Organisation (ISRO). As a nodal agency, it manages to undertake PSLV (Polar Satellite Launch Vehicle) production through the Indian Industry adopted on the consortium model. The industry consortium organization is only involved in the manufacturing, integration, and assembly of the launch vehicle for the PSLV.

To serve the new global market of small satellite launch services, ISRO has taken up the challenge of developing the Small Satellite Launch Vehicle (SSLV). NSIL partners with the Indian industry to build SSLV. Since as early as 1999, ISRO has been extending the opportunity to launch customer satellites on PSLV. As of June 2019, PSLV has successfully launched 297 customer satellites from 33 different countries.

NSIL offers transponder lease facilities in C, Ku, Ka, and S bands on INSAT/GSAT satellites to Indian users for the operational requirements of various SATCOM-based broadcasting and telecom applications. Also, in its operation and business, NSIL provides users worldwide with remote sensing services and mission support services. Working in collaboration with ISRO, NSIL wants to establish the necessary environment in India for designing and manufacturing satellites, systems, sub-systems, and grounds support facilities.

It is responsible for the promotion and commercialization of products from the Indian Space Programme to the market. As a public-sector undertaking, NSIL serves as an interface between ISRO’s technology and potential markets, expanding the Indian space sector and providing satellite services worldwide.

SSLV-D3-EOS-08 mission

SSLV-D3-EOS-08 is the third successful launch of ISRO in 2024; PSLV-C58/XpoSat launched in January and GSLV-F14/INSAT-3DS in February. The SSLV rocket weighs roughly 34 meters in length and is capable of launching payloads of up to 500 kg to the LEO or Low Earth Orbit of up to 500 km above the Earth’s surface. The mission is to design and fabricate the microsatellite, develop payload instruments for the microsatellite bus, and demonstrate new technologies for future operational spacecraft. 

Three Payloads

The EOS-08 is launched on the Microsat/IMS-1 bus and has three payloads onboard. The Electro-Optical Infrared Payload (EOIR) produces images in the Mid-Wave IR (MIR) and the Long-Wave IR (LWIR) during the day and at night. We find its uses in satellite remote sensing, disaster management, and environmental monitoring. Based on the results obtained from GNSS-R, the GNSS-R payload of the European Envisat/ASI satellite known as the Global Navigation Satellite System Reflectometry demonstrates the usage of the GNSS-R remote sensing technique for the estimation of ocean surface wind, soil moisture, as well as flooding situations. SiC UV Dosimeter is used to determine people’s exposure to ultraviolet radiation. The spacecraft’s mission duration is one year, with the total mass of the craft being about 175 kilograms. 5 kg and delivers approximately 420 watts of power. 

Significance of EOS-08

Using data obtained from EOS-08, images are obtained and enhanced both in the Mid-Wave IR (MIR) and Long-Wave IR (LWIR). These images are beneficial in several areas, including security surveillance, disaster management, and global monitoring. The satellite also plays host to a Global Navigation Satellite System-Reflectometry Payload (GNSS-R). Based on GNSS-R applications, the assessment of ocean surface wind, soil moisture content, and flood can be estimated through remote sensing.

Conclusion

The successful SSLV-D3-EOS-08 mission provides NewSpace India Ltd with better opportunities for consecutive commercial launches of Small Satellite Launch Vehicles. This helps India to increase its share in the commercial market for satellite launch services. Having boosted the capacity as well as capabilities in the Earth observation system with EOS-08, India fortifies its stance in space science and research. 

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

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EtherealX is a space tech startup that raised $5 million in a seed funding round led by YourNest. This  funding round saw the participation of several new and existing investors including BlueHill Capital,  BIG Global Investments JSC, Golden Sparrow Ventures, and Campus Fund. The angel investors IIFL  Wealth’s Yatin Shah & Karan Bhagat, Akhilesh Agarwal, and Kiran Shetty also participated in this  ongoing funding round.  

The company will use these fresh proceeds to develop the engines for its fully reusable medium-lift vehicle, scale up operations, meet general corporate purposes, and increase its workforce. Earlier, this  year the startup secured its first institutional funding from Riceberg Ventures, Campus Fud, and  BlueHill Capital. The space tech startup is working on developing a reusable rocket to bring the booster back to Earth after its launch. SpaceX is the only major rocket manufacturing company in the market that commercially operates orbit launched using reusable rockets in the heavy-lift and medium-lift categories. EtherealX is currently focused on developing engines for Razor Crest MK-1. The founder and CEO of EtherealX, Manu J Nair told MoneyControl that the investment will enable the compay to complete its test facility and complete the final tests with qualification of the 40KN engine developed for the upper stage. He mentioned that this fund would also be used to manufacture the 925KN semi-cryogenic engine. 

Based in Bengaluru, EtherealX is confident that this funding will enable them to complete their engine development and test the launch of their reusable rocket soon. Their goal is to create the world’s first fully reusable medium-lift launch vehicle. The firm is designing the model to make it capable of carrying and dispatching payloads of up to 24.8 tonnes to the Lower Earth Orbit in a disposable configuration and around 22.8 tonnes in a partially reusable configuration. This launch vehicle will be able to hold up to 8 tonnes in a fully reusable configuration to 44 km of the Lower Earth Orbit.  

Technology and costs have been major challenges for developing class-specific launch vehicles, and  EtherealX aims to solve these problems. The startup is solving these problems with a clear tech  advantage addressing pricing and frequency problems. Nair mentioned that its investors share the vision with the firm for civilization and high-impact technology and they are working together to revolutionize the space tech sector. The launch vehicle firm is developing will deliver the limited payload into trans-lunar injection orbits and geostationary transfer. This fresh capital will help the startup carry out its launch mission and accelerate its technological growth. 

The space tech startup has secured around $5.34 million in funding across two funding rounds since  its inception. The data intelligence platform, Traxcn mentioned that the company reported a post money valuation of $2.44 million as of June 2023. The firm currently has five institutional investors  including Campus Fund, Bluehill Capital, and YourNest. The largest investor of the company is Campus  Fund. The startup faces competition from other space tech companies such as SpaceX, Kinetix, and  Blue Origin. 

The Indian space tech sector has seen significant progress in recent years. For example, earlier this month, another Bengaluru-based space tech startup, Galaxeye, made a deal with the drone tech startup IdeaForge. This deal involved selling Series A convertible preference shares, raising Rs 8.28  crore. Galaxeye is working on launching a multi-sensor imaging satellite that will provide geospatial analysis for the Indian government and defense sector. The company has also gained access to INSPACE  labs and workspace to help launch its first satellite, “DrishtiMission,” this year. Galaxeye also has an agreement with iDEX to build a multi-sensor fusion processing system capable of carrying 150 kg payloads for Indian Air Force satellites.

The funding round of EtherlaX reflects the rapid growth and increased interest in the Indian space tech  industry. The startup is backed by five institutional and angel investors. The company has been  developing various new products for the reusable rocket technology market. The company’s goal is to  develop a fully reusable medium-lift launch vehicle to deliver payloads to various orbits, including those around the geostationary orbits. 

Last month, the Indian National Space Promotion and Authorization Center also announced its collaboration with IN-SPACE to work with Indian startups to build Earth Observation systems based on  Space. The program is available for all those companies that have annual revenue of over Rs 200 crore in the past three years or they should have a valuation of Rs 850 crore. Only selected companies will be able to get access to launch the satellites through Indian satellite launching vehicles and monitor the spacecraft’s health. 

The government has been trying to enhance the space tech sector in India. The development came just after the Indian government announced its plans to launch a Rs 1,000 crore venture capital fund focused on Indian space tech startups. The Indian government has been launching several new programs and funds to help the Indian startup ecosystem grow. The Space tech market is predicted to increase and cross the 77 billion USD mark in the next six years. The Indian space tech ecosystem is benefiting from a supportive environment, both regulatory and financial-wise. Government initiatives aimed at promoting innovation and entrepreneurship in space technology are creating more suitable ground for startups. These initiatives, along with strategic collaborations such as Galaxeye and  IdeaForge’s collaboration to create a satellite for IAF are driving the sector’s growth. 

The progress and the broader developments in the Indian space tech sector highlight a promising future for Space tech companies. The combination of innovative technology, strategic investments,  and government policies is creating the stage for significant advancements. The launch vehicle by  EtherealX is also contributing to a larger narrative of technological progress and space exploration that has the potential to revolutionize the space tech industry globally. By providing financial support and creating a favorable environment for innovation the government is helping Indian startups compete on a global scale. 

Conclusion: 

EtherealX is a space tech startup from Bengaluru that manufactures space crafts, and launch vehicles for space solutions. The startup secured 5 million USD in its ongoing seed funding round. The round saw the participation of several existing investors and was led by the institutional investor YourNest with the participation of BIG Global Investments JSC, BlueHill Capital, Golden Sparrow Ventures,  Campus Fund, IIFL Wealth’s Yatin Shah & Karan Bhagat, and Akhilesh Agarwal. The development came just after the Indian space tech sector saw increased interest from investors with the increasing CAGR  rate. The reusable rockets can be made more accessible and affordable to launch while creating new opportunities by reducing the cost of launching payloads into space. 

This space tech startup intends to use these fresh proceeds to complete its test facility and develop the engines for its fully reusable medium-lift vehicle. The supportive environment within India’s space tech sector, with the support of various government initiatives and strategic collaborations, further enhances the potential for technical advancements in the space technology segment. The company aims to develop the first fully reusable medium-lift launch vehicle in the world. The company has been designing the launch vehicle to make it capable of dispatching payloads of around 24.8 tonnes to the  Lower Earth Orbit in a disposable configuration and over 22.8 tonnes in a partially reusable configuration. The startup believes that this launch vehicle will be able to hold up to 8 tonnes in a fully  reusable configuration to 44 km of the Lower Earth Orbit.

Suraj Verma

Suraj Verma has a passion for keeping the Business world informed through comprehensive coverage of Trending News and Startup News. His storytelling ability shines through captivating Startup Stories, while his expertise in curating Listings and analyzing Case Studies drives impactful results.

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