Indian drone manufacturer ideaForge Technology announced on Wednesday that it has acquired an undisclosed non-controlling stake in GalaxEye Space, a pioneering spacetech startup specializing in multi-sensor imaging satellites. The acquisition, valued at Rs 8.28 crore, marks a strategic move by ideaForge to leverage GalaxEye’s advanced geospatial analysis capabilities for developing cutting-edge drone-based sensing solutions.
GalaxEye Space, an IIT Madras-incubated startup based in Bangalore, is renowned for its expertise in creating high-performance imaging satellites tailored for governments, defense sectors, and various industries. The startup boasts a team of over 50 professionals, including alumni from esteemed institutions such as ISRO and IITs.
In a regulatory filing, ideaForge highlighted its plans to collaborate closely with GalaxEye in enhancing drone technology with specialized sensors for fog and foliage penetration. This partnership builds upon their successful joint development of an unmanned aerial vehicle equipped with Foliage Penetration Radar, aimed at bolstering security operations in India.
Ankit Mehta, CEO of ideaForge, expressed enthusiasm about the partnership, stating, “GalaxEye’s innovative approach to spacetech aligns perfectly with our vision to pioneer advancements in UAV technology. Together, we aim to set new standards in aerial surveillance and reconnaissance capabilities.”
The synergy between ideaForge’s expertise in UAV technology and GalaxEye’s proficiency in Synthetic Aperture Radar (SAR) promises to unlock new possibilities in remote sensing applications. This acquisition underscores ideaForge’s commitment to strengthening its position in the rapidly evolving spacetech sector, driven by innovations that address critical national security and industrial needs.
Financially, ideaForge reported a revenue of Rs 102.3 crore with an after-tax profit of Rs 1.03 crore for the quarter ending March 31, 2024, underscoring its robust growth trajectory in the aerospace and defense industries.