A naukri.com initiative
Economic Times
1w
270
Image Credit: Economic Times
Ex-defence secretary Ajay Kumar’s VC fund to invest in spacetech firm GalaxEye
- Former defense secretary Ajay Kumar's firm Mounttech Growth Fund is joining GalaxEye's $10 million series A funding round
- Infosys, Celesta Capital, Speciale Invest, Mela Ventures, and Rainmatter are also part of the funding round
- Mounttech has raised Rs 400 crore and closed its first deal, with three more deals nearing finalisation, as per reports
- GalaxEye’s Series A round aims to fund its satellite that will provide high-resolution, all-weather, multi-sensor data
- IdeaForge is one of GalaxEye’s investors and is partnering with the start-up to develop technology for drones
- GalaxEye has so far raised about $15 million
- India's space technology sector secured $126 million in funding in 2023, compared to $118 million and $37.6 million in 2022 and 2021 respectively
- GalaxEye’s innovative approach to satellite technology aligns well with Mountech’s commitment to fostering ground-breaking advancements in national security and defense
- The startup aims to launch its satellite in mid-2022 and will focus on commercializing the technology
- The proceeds from the funding will be used for accelerating development of the satellite, including sensor technology for drones
Read Full Article
16 Likes
For uninterrupted reading, download the app