India-based space tech startup SatLeo Labs has raised $3.3 million in a pre-seed funding round led by Merak Ventures.
Other investors in the round include Huddle Ventures, GVFL, Java Capital, IIMA Ventures, PointOne Capital, and angel investors Manish Gandhi and Dheer Baldua.
The funding will help SatLeo Labs develop its thermal imaging technology to observe Earth from Low Earth Orbit.
The money will be used to build SatLeo Labs’ imaging system, conduct research to test its plans and get government approval.
SatLeo Labs has also received Letters of Intent worth over $25 million from potential customers.
SatLeo Labs plans to launch its first thermal imaging satellite soon and hopes to help make India stronger in the global commercial space tech industry.
India’s ambitious space policy reforms are creating a fertile ground for startups.
SatLeo Labs’ funding comes when India is making significant changes in its space sector to encourage more private companies and improve its position in the global market.
The Indian government set up IN-SPACe to make it easier for private companies to get permission to participate in space activities and to use ISRO facilities. This helps startups like SatLeo Labs grow more easily.
Apart from setting rules, the government also provides strong financial support. It approved a $119 million fund to help space startups, even though funding in the sector dropped by 55% in 2024.
India has set a big goal to grow its global commercial space market share from 2% to 10% by 2030. This shows strong government support for companies building space technology in India.
India’s space tech ecosystem has grown quickly, with over 450 small and medium-sized businesses, over 50 large companies, and around 200 startups. This strong network gives new ventures like SatLeo Labs plenty of growth opportunities.
Recent changes in rules for foreign investment in the space sector have opened up more chances for international funding and partnerships. This is especially helpful for early-stage companies looking for capital.
Thermal imaging satellites are becoming critical tools in climate resilience.
SatLeo Labs’ focus on thermal imaging technology matches the growing global understanding that space-based observation is key to monitoring and addressing climate change.
Although overall funding for space tech dropped in 2023, startups that focus on climate and space technology still get a lot of investment. This shows that the market values its essential role.
Thermal imaging satellites are key for tracking natural disasters in near real-time. Companies like ICEYE show how valuable they are for disaster management and insurance industries dealing with more climate-related challenges.
In agriculture, thermal imaging technologies help improve irrigation and monitor crop health. This supports more sustainable farming, which will be more critical as climate challenges grow.
