Drone maker ideaForge acquires stake in spacetech startup GalaxEye for Rs 8.28 crore

Navi Mumbai-based drone maker ideaForge Technology has acquired a non-controlling stake in IIT Madras incubated spacetech startup GalaxEye Space for Rs 8.28 crore or nearly $1 million. 

The development comes after GalaxEye partnered with Innovations for Defence Excellence (iDEX) to develop a cutting-edge multi-sensor fusion processing system tailored for miniature satellites serving the Indian Air Force (IAF).

"Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Company has entered into a Share Subscription Agreement and a Shareholders’ Agreement on July 10, 2024 with GalaxEye Space Solutions Private Limited for acquiring Series A Compulsory Convertible Preference Shares of GalaxEye Space Solutions Private Limited at a total consideration of INR 8,28,72,720/-," ideaForge informed in an exchange filing.

What does GalaxEye do?

Founded in 2020 by IIT Madras alumni Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, Rakshit Bhatt and professor S. R. Chakravarthy, GalaxEye is building the world's first multi-sensor imaging satellite. 

These indigenously built satellites enable governments, defence, and industries to perform advanced state-of-the-art geospatial analyses.

The Bengaluru-based startup has a team of over 50 individuals, including professionals from prestigious institutes such as ISRO and IITs.

Leveraging GalaxEye's expertise

IdeaForge plans to leverage GalaxEye’s expertise in sensing solutions to develop advanced drone-based sensors. Specifically, the company aims to create sensors capable of fog penetration and foliage penetration.

These innovations are expected to enhance the capabilities of IdeaForge's unmanned aerial vehicles (UAVs), particularly in challenging environments where visibility is poor or obstructed.

In late September 2023, ideaForge partnered with GalaxEye to jointly develop an unmanned aerial vehicle equipped with Foliage Penetration Radar for the Indian security forces.