Drone technology and spacetech partnership is going to bring some transformation in the space venture. Indian drone manufacturer ideaForge Technology has acquired spacetech startup GalaxEye Space. The acquisition is valued ₹8.28 crore and seen as a step forward towards leveraging the advanced geospatial analysis capabilities of GalaxEye.
GalaxEye Space is an IIT Madras-incubated startup and is based in Bangalore. It has earned a reputation in creating high-performance imaging satellites which are basically tailored for governments, defense sectors and various industries. The startup is equipped with a team of more than 50 professionals and a good number of them are alumni from esteemed institutions such as ISRO and IITs.
ideaForge highlighted in its regulatory filing that collaborating with GalaxEye is planned to enhance drone technology with specialized sensors. The partnership is basically a result of their successful joint development of an unmanned aerial vehicle equipped with Foliage Penetration Radar. It is a technology that bolsters security operations in India.
ideaForge CEO Ankit Mehta said that the innovative approach of GalaxEye to spacetech aligns with their own vision to pioneer advancements in UAV technology. They can focus together in setting new standards in aerial surveillance and reconnaissance capabilities.
The synergy between its expertise in UAV technology and the proficiency of GalaxEye in Synthetic Aperture Radar (SAR) paves the path to unlock new possibilities in remote sensing applications. The acquisition highlights commitment of the company in strengthening position in the spacetech sector.
ideaForge has demonstrated robust growth in the aerospace and defense industries in recent years. It reported revenue of ₹102.3 crore for the quarter ending March 31, 2024. The after-tax profit was ₹1.03 crore. The figure speaks volume about its good financial stability.
