GalaxEye, an Indian space tech startup, has raised $10 million in Series A funding, supported by strategic investors including MountTech Growth Fund - Kavachh, chaired by former Defence Secretary Ajay Kumar. Founded in 2021, GalaxEye is preparing for the 2025 launch of its first multi-sensor satellite to advance Earth observation and disaster monitoring. The funding will bolster GalaxEye’s operations, as India’s private space sector continues its record-breaking growth.
Indian spacetech startup GalaxEye has teamed up with SpaceX to launch its first multi-sensor Earth observation satellite, Drishti, in 2024. The satellite will use Synthetic Aperture Radar (SAR) and Optical/Multispectral Imaging (MSI) to capture high-resolution images in all weather conditions. This marks the beginning of a five-satellite constellation, aiming to offer daily revisits and sub-1 meter resolution by 2025. The collaboration highlights India's growing presence in the global spacetech industry, aligning with the “Make in India for the World” initiative.
Infosys has announced a $2 million investment in Indian Earth-observation startup GalaxEye Space as part of its Series A round. This partnership aims to enhance satellite data fusion, AI-driven analytics, and next-gen space technologies. GalaxEye, founded by Suyash Singh and his IIT Madras colleagues, is set to launch the world’s first multi-sensor Earth-observation satellite in 2025. The satellite, equipped with synthetic aperture radar and multispectral sensors, will offer unique capabilities for the Indian Armed Forces, including low-light surveillance and camouflage detection. The Infosys investment follows GalaxEye’s recent $6.5 million Series A funding.
Vaanam, the first private space tech accelerator in India, was launched in Chennai to bolster the space startup ecosystem in Tamil Nadu. Spearheaded by entrepreneurs Hariharan Vedamurthy and Sameer Bharat Ram, the accelerator aims to support startups with mentorship from former ISRO scientist Nambi Narayanan. The initiative was inaugurated by Tamil Nadu industries minister TRB Raaja, highlighting the state's commitment to advancing space technology. With plans to establish a propellant park and a second rocket launchpad in Thoothukudi, Tamil Nadu is positioning itself as a hub for space innovation. Minister Rajaa emphasized the state and central government's support for space tech startups, highlighting the significance of accelerators in funding and development. Narayanan underscored the need for private sector involvement and proposed an Asian Space Agency to foster interplanetary travel and enhance trade relations in the region.
The Indian Space Research Organisation (ISRO), in collaboration with IIIT Hyderabad's National Remote Sensing Centre (NRSC), has announced the AI for Space Immersion Startup Challenge. This initiative aims to nurture the next generation of space-tech pioneers through activities like ideation sessions, pitching rounds, industry talks, panel discussions, and mentorship. Dr. Srinivas K., Director of NRSC, emphasized the importance of collaboration to solve complex space and geospatial challenges. Participants can choose between the Startup Challenge for early-stage startups and established companies, or the Student/Research Challenge for researchers and students. The event offers funding opportunities, industry exposure, networking, and collaboration with ISRO scientists and industry leaders. Applications are open for visionaries to submit proposals online.
Finance Minister Nirmala Sitharaman announced a Rs 1,000 crore venture capital fund to boost India's space economy. The initiative aims to increase India's share in the global commercial space market to 10% by 2030, from the current 2%. This policy offers financial assistance, adding to the existing policy support and technical aid. (2) Lt. Gen. AK Bhatt (Retd.) of the Indian Space Association hailed the fund as crucial for space startups. Awais Ahmed of Pixxel and Srinath Ravichandran of Agnikul Cosmos praised the fund's impact, while Pawan Kumar Chandana of Skyroot Aerospace emphasized its role in capturing global market share.
India's space technology is advancing with Bengaluru-based startup AkashaLabdhi, planning to launch "expandable space habitats" by 2027. Incubated at IIT Roorkee, AkashaLabdhi is developing these habitats for space tourists, astronauts, and researchers, emphasizing sustainable space living. The core project, Antariksh HAB, features an expandable shell for protection against orbital debris and radiation. It supports microgravity experiments, satellite maintenance, and long-term lunar exploration. CEO Siddarth Jena stated the habitat will take seven days to fully inflate in orbit. AkashaLabdhi is negotiating with SpaceX for a launch slot, highlighting India's technological prowess and potential for global space collaborations.
Ajay Kumar, former defence secretary of India, has launched Mounttech Growth Fund, a Rs 250 crore venture capital firm focusing on early-stage startups in defence, aerospace, and deeptech sectors. Approved by Sebi, the fund has received subscriptions worth Rs 280 crore and plans to use the green-shoe option for an additional Rs 250 crore. The fund’s first scheme is named Kavach, with Suryakant Dalmia of Dalmia Securities as the primary sponsor. Mounttech Growth Fund includes retired top armed forces officers as advisors and aims to capitalize on increased opportunities in defence and aerospace sectors, spurred by government initiatives like iDEX. The fund plans to make its first investment in the space sector soon and will collaborate with other VC firms and incubators at institutions like IIT Kanpur and IISc Bengaluru.
AWS has inaugurated its first space accelerator in India, partnering with ISRO and IN-SPACe to select 24 pioneering startups for a comprehensive 14-week program. This initiative aims to drive innovation in space technology by providing technical expertise, specialized AWS training, and mentorship. The participating startups will benefit from up to $100,000 in AWS credits and support in building scalable solutions using advanced technologies like AI, machine learning, and data analytics. The accelerator will also offer guidance on go-to-market strategies, fundraising, and essential business practices, fostering a robust ecosystem for space tech advancements in India.
