Spacetech startup GalaxEye Space, insurtech startup Square Insurance, AI quantum startup Bloq Quantum and deeptech life growth platform Acculi Labs bag early-stage funds, the companies said on Thursday.
GalaxEye Space
IIT Madras incubated spacetech startup, GalaxEye Space raised $6.5 million in an ongoing round, led by Mela Ventures and Speciale Invest. The round also saw participation from ideaForge, with additional investments from Rainmatter, Navam Capital, Faad Capital and Anicut Capital.
The funds raised will be deployed to launch GalaxEye’s first satellite, Drishti Mission, and develop their multi-sensor payload technology, as per the company.
Founded in 2020, by Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta and Rakshit Bhatt, the company specializes in providing precise datasets from space and aerial platforms via their advanced multi-sensor payload.
Jaipur-based insurtech startup Square Insurance has secured $3 million (Rs 25 crore) in seed funding round. The round was led by Negen Capital, and also includes investors such as Yogesh Chaudhary, founder, Warmup Ventures and Jaipur Rugs, and Prashant Kothari, owner of Jaipur Color Stone.
A part of the fund will be directed towards advancing technology for cattle insurance, addressing the critical needs of farmers in rural areas. Additionally, Square Insurance will invest in developing customized micro-insurance products in collaboration with leading insurers and forming strategic partnerships with fintech and e-commerce companies, it said in a statement.
Founded in 2017, Square Insurance offers life and general insurance services across 20 states.
Acculi Labs
Acculi Labs, a deeptech growth solution provider and multidimensional conscious AI company raised $1.5 million in fresh funding round. It was led by Sabi Holding India Ltd, an investment and development company.
The investment came at a base valuation of $25 million and the raised amount will be utilized to accelerate the development of Lyra, the conscious AI insights systems and Lyfas Udyam project including a sustainable agriculture joint venture by the two companies.
Bloq Quantum, an AI quantum software startup raised Rs 1.3 crore ($155,241) in pre-seed round, led by Inflection Point Ventures.
The funds will be used for product development and team expansion. This capital infusion will help the company innovate quantum algorithms, improve platform functionalities and expedite growth.
Bloq Quantum simplifies enterprise adoption of quantum computing with low-code interface. It enhances quantum algorithm development speed by a factor of ten, delivering crucial business insights.