IdeaForge acquires non-controlling stake in spacetech startup GalaxEye
With this investment, IdeaForge plans to use GalaxEye’s expertise in creating sensing solutions to develop drone-based sensors.
Indian drone manufacturer on Wednesday purchased an undisclosed non-controlling stake in for Rs 8.28 crore, it said in a regulatory filing.
GalaxEye builds multi-sensor imaging satellites. These satellites allow governments, defence, and industries to perform advanced state-of-the-art geospatial analyses. Ideaforge plans to use GalaxEye’s expertise in creating sensing solutions to develop drone-based sensors for fog penetration and foliage penetration sensors with them.
GalaxEye Space Startup is an IIT Madras-incubated spacetech startup which is currently based out of Bangalore. It hosts a team size of more than 50 individuals with backgrounds from prestigious institutes such as ISRO and IITs.
In September 2023, the two companies partnered together to jointly develop an unmanned aerial vehicle with Foliage Penetration Radar for the Indian security forces. As part of the partnership, IdeaForge will combine its expertise in UAV technology with GalaxEye’s Synthetic Aperture Radar (SAR) technology.
Ankit Mehta-led Ideaforge logged a revenue of Rs 102.3 crore on an after-tax profit of Rs 1.03 crore in the three months ended Mar 31, 2024.
Edited by Jyoti Narayan