Former Defense Secretary Ajay Kumar’s MountTech Growth Fund-Kavachh is a strategic investor in the $10 million Series A investment round for spacetech firm GalaxEye.

Venture capital firms Mela Ventures, Speciale Invest, ideaForge, Samarthya Investment Advisors, and Infosys all contributed to the round, revealing earlier this month that it had made a strategic investment in the business.

Since its initial closing announcement in July of this year, MountTech has made its first investment to promote solutions that increase India’s technological independence and national security.

Regarding the funding, GalaxEye’s CEO and co-founder, Suyash Singh, stated that the company’s technological skills would be complemented by MGF-Kavachh’s extensive experience and support platform for defence and national security companies as it strives to conduct space missions.

According to GalaxEye, the funds will be used to expedite the development of its next satellite mission, which will provide high-resolution, all-weather multi-sensor data in 2025. The satellite will benefit industries including insurance, maritime, agricultural, defence, and surveillance, where precise and timely satellite data is becoming more and more important. 

By 2027, the company wants to deploy a constellation of microsatellites that can gather data from space and give the public and private sectors real-time insights.

Raj Sethia, Founder Managing Partner, MGF-Kavachh, said, “GalaxEye’s innovative approach to satellite technology aligns perfectly with our commitment to fostering groundbreaking advancements in national security and defence. We believe their multi-sensor capabilities will not only redefine Earth observation but also support India’s strategic objectives on a global stage.”

According to the government’s Invest India portal, India’s thriving space industry was valued at $9.6 billion in 2020, accounting for 2-3% of the worldwide space economy. India is predicted to hold a nearly 10% share of the global space market by 2030, with the market size anticipated to reach $13 billion by 2025.

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