Ahmedabad-based SpectraGaze Systems, a deeptech startup that builds optical imaging sensors and electro-optical payloads for space, defence and scientific use, has raised Rs 3.7 crore in a seed round led by venture capital firm GVFL.
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Angel investors also took part in the round. It is the startup’s first external fundraise, after three years in which it ran on money from customer programmes.
SpectraGaze was founded in 2023 by Arup Banerjee, a former ISRO scientist with 23 years of experience. SpectraGaze Systems Private Limited was incorporated in Ahmedabad on 19 May 2023. Its stated aim is to build imaging technology in India and reduce the country’s dependence on imported detectors.
Where the money will go
The startup said the funding will be used for product development, delivering on existing customer programmes, expanding its engineering team, upgrading its testing infrastructure and business development.
“Our focus has been on developing indigenous imaging technologies that address critical requirements in space and defence applications. Building the business through customer-funded programmes has helped us validate our technology and establish strong industry relationships,” Banerjee said.
“This investment will enable us to accelerate product development, strengthen our engineering capabilities and take our solutions to a wider set of applications and customers,” he added.
Mihir Joshi, MD of GVFL, said SpectraGaze “has built a strong technology foundation through customer-funded programmes and established relationships with key institutional customers.”
“Our investment will support the company in strengthening its engineering capabilities, advancing product development and expanding its commercial presence across India’s space and defence sectors,” Joshi said.
ISRO, PRL and Kaynes as customers
SpectraGaze counts the Indian Space Research Organisation (ISRO), the Physical Research Laboratory (PRL) and Kaynes Technology India Limited among its customers.
It has delivered an infrared detector and a test system to ISRO. It has also secured an image sensor development contract, in partnership with AMETEK, for ISRO’s next-generation HRSAT programme.
HRSAT is a high-resolution Earth observation constellation meant for large-scale mapping, agriculture, urban planning, infrastructure and disaster management.
It was first planned as three satellites for agvf February 2019 launch and has since been cut to two, HRSAT 1A and 1B, which are now scheduled to launch together on a PSLV in 2027. The satellites are designed to image at roughly 1 metre resolution in panchromatic mode.
On the defence side, SpectraGaze said it won the iDEX PRIME Challenge for the indigenous development of an Infrared Detector Dewar Cooler Assembly, including the infrared detector itself.
A challenge with this brief, set by India Optel Limited under the iDEX PRIME X round, asks for an assembly that includes “development of the infrared detector which is currently not being made in India”.
A camera for Kaynes’ first satellite
SpectraGaze is also building a hyperspectral imaging camera for a 3U satellite, which it is due to deliver to Kaynes Technology in November 2026.
Kaynes, a listed electronics manufacturer, set up a wholly owned subsidiary, Kaynes Space Technology, in June 2025 to design and build satellites and mission-specific payloads. In its first quarter FY27 earnings call, the company said its first 3U satellite was in the prototype phase and was targeting a launch in mid-2027.
The startup’s product roadmap covers imaging for Earth observation, space-based intelligence, surveillance and reconnaissance, greenhouse gas emission mapping and drone-based hyperspectral imaging.
Indian spacetech startups have raised about $871 million across 241 funding rounds since inception, according to Tracxn data as of July 2026. The sector raised a record $200 million across 53 rounds in 2025, and about $113 million across 24 rounds in 2026 up to July.
