Ex Defence Secretary Ajay Kumar’s firm to invest in spacetech startup GalaxEye

Indian spacetech startup GalaxEye has successfully raised $10 million in Series A funding, led by MountTech Growth Fund – Kavachh, under the leadership of former defence secretary Ajay Kumar. This funding round also saw participation from Mela Ventures, Speciale Invest, ideaForge, Samarthya Investment Advisors, and Infosys, which had announced its strategic investment in GalaxEye last month.

This investment marks MountTech’s first since its launch in July, with a focus on fostering technology solutions that contribute to India's national security and technological independence. Ajay Kumar’s entry into the investment scene aligns with the Indian government’s growing focus on aerospace, defence, and deeptech, which are critical to national development.

GalaxEye’s CEO and Co-founder, Suyash Singh, expressed that the partnership with MGF-Kavachh will accelerate the company’s plans for satellite missions, particularly due to MGF’s expertise in supporting defence-oriented technology startups. The funding will be directed toward the development of GalaxEye’s next satellite mission, set to launch in 2025, which aims to deliver high-resolution, all-weather, multi-sensor data. The satellite will serve key sectors such as defence, agriculture, maritime, and insurance by providing reliable, real-time data.

Incubated at IIT Madras, GalaxEye is based in Bengaluru and has set its sights on building a micro-satellite constellation by 2027. This project will offer real-time insights for government and commercial clients, enhancing decision-making across industries. According to Raj Sethia, Founder and Managing Partner at MGF-Kavachh, “GalaxEye’s advanced satellite technology will drive innovation in Earth observation, supporting both national security and India’s strategic objectives.”

India’s space sector, valued at $9.6 billion in 2020 and projected to reach $13 billion by 2025, represents about 2-3% of the global space economy, with ambitions to expand to a 10% share by 2030. This rapid growth is fuelled by government initiatives like the ‘Make in India’ campaign and the recent India AI Mission, which aims to reduce reliance on imported technology and boost domestic defence exports to capture a segment of the $2.1 trillion global defence market.

With its groundbreaking technology and ambitious goals, GalaxEye is well-positioned to play a key role in advancing India’s space and defence capabilities, contributing to the nation’s broader strategic and economic objectives.