Navi Mumbai-based drone maker ideaForge Technology has acquired a non-controlling stake in GalaxEye Space, an Indian Institute of Technology Madras-incubated space technology startup, for 828 crore rupees (about $1 million).
This development comes after GalaxEye partnered with Innovations for Defence Excellence (iDEX) to develop a customised state-of-the-art multi-sensor fusion processing system for small satellites for the Indian Air Force (IAF).
“Pursuant to Rule 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company hereby announces that it has entered into a Share Subscription Agreement and Shareholders Agreement with GalaxEye Space Solutions Private Limited on July 10, 2024, thereby acquiring Series A Compulsorily Convertible Preference Shares of GalaxEye Space Solutions Private Limited for an aggregate consideration of INR 8,28,72,720 crore,” ideaForge announced in a stock exchange filing.
What does GalaxEye do?
Founded in 2020 by Indian Institute of Technology Madras alumni Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, Rakshit Bhatt and Professor SR Chakravarthy, GalaxEye is building the world’s first multi-sensor imaging satellite.
These indigenously built satellites will enable government, defense and industry to carry out cutting edge advanced geospatial analytics.
The Bengaluru-based startup has a team of over 50 people that includes experts from prestigious institutes like ISRO and IIT.
Leverage GalaxEye’s expertise
IdeaForge plans to leverage GalaxEye’s sensing solutions expertise to develop advanced drone-based sensors, specifically those that can penetrate fog and foliage.
These innovations are expected to improve the capabilities of IdeaForge’s unmanned aerial vehicles (UAVs), especially in challenging environments with poor or obstructed visibility.
In late September 2023, ideaForge partnered with GalaxEye to co-develop an unmanned aerial vehicle equipped with a foliage-penetrating radar for the Indian security forces.
