Funding
GVFL Leads Rs 3.7 Crore Seed Round in SpectraGaze Systems' First External Fundraise
By News Desk ·
Key takeaways
- GVFL led a Rs 3.7 crore seed round in Ahmedabad-based SpectraGaze Systems, with angel investors also participating.
- SpectraGaze, founded in 2023 by former ISRO scientist Arup Banerjee, counts ISRO, PRL and Kaynes Technology among its customers.
- The company is developing a hyperspectral imaging camera for a 3U satellite, scheduled for delivery to Kaynes Technology in November 2026.
Venture capital firm GVFL has led a Rs 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. Bwdisrupt reported that angel investors also participated in the round, the startup's first external fundraise after three years of customer-funded operations.
GVFL Backs SpectraGaze's Imaging Sensor Push
SpectraGaze was founded in 2023 by Arup Banerjee, a former ISRO scientist with 23 years of experience. The company develops imaging technologies aimed at reducing India's dependence on imported detectors.
Its customers include the Indian Space Research Organisation, the Physical Research Laboratory and Kaynes Technology India Limited. The company has delivered an infrared detector and test system to ISRO, secured an image sensor development contract for ISRO's next-generation HRSAT programme in partnership with AMETEK, and won the iDEX PRIME Challenge to develop an indigenous Infrared Detector Dewar Cooler Assembly, including the infrared detector.
The funding will be used for product development, execution of existing customer programmes, expansion of the engineering team, upgrades to testing infrastructure and business development. SpectraGaze is also developing a hyperspectral imaging camera for a 3U satellite, scheduled for delivery to Kaynes Technology in November 2026. Its development roadmap includes imaging solutions for Earth observation, space-based intelligence, surveillance and reconnaissance, greenhouse gas emission mapping, and drone-based hyperspectral imaging.
GVFL's Recent Investment Activity
GVFL is an Ahmedabad-based venture capital firm founded in 1990 that operates four SEBI-registered Alternative Investment Funds spanning pre-seed to Series B, according to akta.pro company records. The firm backs Indian startups across more than 10 sectors with tickets from ₹25 Lakhs to ₹20 Cr.
| Figure | Value |
|---|---|
| Investments | 125+ |
| Successful exits | 75+ |
| Founded | 1990 |
Earlier GVFL-Led Rounds
In September 2026, Ecosys raised ₹5 crore in a pre-Series A round led by GVFL Prarambh Fund, with participation from Proteus Partners and operator-investors, Indian Startup Times reported. In August 2026, deeptech startup Edgeverse raised Rs 3 crore from GVFL to fund its next growth phase, according to Indian Startup News. In May 2026, GVFL led a $3 million investment in Antier Solutions Pvt Ltd, marking the blockchain engineering company's first institutional funding after more than a decade of bootstrapped operations, Gulf Today reported.