GVFL has led a ₹3.7 crore seed funding round in SpectraGaze Systems Private Limited, an Ahmedabad-based deep-tech startup developing optical imaging sensors and electro-optical payloads for space, defence and scientific applications. The round also saw participation from angel investors and marks the startup’s first external fundraise following three years of customer-funded growth.
Founded in 2023 by Arup Banerjee, a former ISRO scientist with 23 years of experience, SpectraGaze is focused on developing indigenous imaging technologies to reduce India’s dependence on imported detectors and strengthen domestic capabilities in advanced imaging systems.
The startup serves institutional customers, including the Indian Space Research Organisation (ISRO), the Physical Research Laboratory (PRL) and Kaynes Technology India Limited. Its key milestones include delivering an infrared detector and test system to ISRO, securing an image sensor development contract for ISRO’s next-generation HRSAT programme in partnership with AMETEK, and winning the iDEX PRIME Challenge for the indigenous development of an Infrared Detector Dewar Cooler Assembly, including the infrared detector.
Commenting on the investment, Mihir Joshi, Managing Director at GVFL, said the company had established a strong technology foundation through customer-funded programmes and relationships with key institutional customers. He added that the investment would support SpectraGaze in strengthening its engineering capabilities, advancing product development and expanding its commercial presence across India’s space and defence sectors.
Arup Banerjee, Founder of SpectraGaze Systems, said the company’s focus has been on developing indigenous imaging technologies that address critical requirements in space and defence applications. He noted that building the business through customer-funded programmes had helped validate its technology and establish industry relationships. The latest investment will enable the company to accelerate product development, expand its engineering capabilities and extend its solutions to a wider range of applications and customers.
The funding will be used to advance product development, execute existing customer programmes, expand the engineering team, upgrade testing infrastructure and strengthen business development. SpectraGaze is also developing a hyperspectral imaging camera for a 3U satellite, scheduled for delivery to Kaynes Technology in November 2026.
Looking ahead, the company plans to develop imaging solutions for Earth observation, space-based intelligence, surveillance and reconnaissance, greenhouse-gas emission mapping, and drone-based hyperspectral imaging.
The investment comes amid growing opportunities for Indian deep-tech startups to develop specialised technologies for domestic and international space and defence markets. With the latest funding, SpectraGaze aims to strengthen its indigenous technology capabilities and expand its presence in these strategic sectors.
By: Sanya Sharma
