The funds will be used to accelerate the development and launch of Pixxel’s full constellation of 18 commercial hyperspectral satellites, which are planned for the near future.
The funds will also be allocated to expand its satellite manufacturing capacity, scale operations for upcoming missions, and enhance its ability to offer a range of satellite manufacturing services, including small satellites and advanced imaging payloads for other organizations and governments.
Founded by Awais Ahmed and Kshitij Khandelwal, the startup is developing a high-resolution hyperspectral satellite constellation. The company claims to help detect, monitor and predict critical global phenomena across various sectors such as agriculture, oil and gas, mining and environment, by providing up to 50 times richer detail.
The funds will also be used to enhance Pixxel’s software capabilities, including Aurora, its AI-powered Earth Observation platform. Launched on August 6, Aurora is designed to make remote sensing analysis accessible to everyone. It enables remote sensing user groups to access, interpret and utilise Earth Observation (EO) data.
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“The new infusion of capital will help us launch more satellites quicker, transforming how humanity understands and acts on the challenges of our time,” said Ahmed. On November 5, the company unveiled its flagship commercial satellite constellation, Fireflies. This constellation comprises six hyperspectral satellites set to launch early next year. With its imaging capabilities, the satellites aim to assist in monitoring climate change, improving food security and supporting sustainable resource management.
The homegrown startup has raised a total of $95 million till date.
Commenting on the investment, Praveg Patil, head of Asia Pacific – M&G Impact & Private Equity said, “Pixxel’s proprietary technology will be transformational and adaptable to monitor for enhancing crop health, climate change, managing resources more effectively and protecting our environment.”
“We are thrilled to partner with Pixxel as they advance the deployment of their hyperspectral satellite constellation. Awais, Kshitij and the Pixxel team have demonstrated exceptional vision, innovation and execution, and we are confident they will play a pivotal role in driving the growth and adoption of the hyperspectral satellite market,” said Linda Guo, partner, Glade Brook Capital Partners.
India’s spacetech sector raised $127.7 million in funding in 2023, a 7% increase from $118 million in 2022, and a more-than-threefold jump from $37.6 million in 2021. As of November this year, the sector has attracted $25.6 million in investments, according to data intelligence platform Tracxn.
