Google-backed space technology startup Pixxel has raised $24 million in additional funding as part of its Series B round, bringing the total Series B funding to $60 million. The extended Series B round added new investors M&G Catalyst and Glade Brook Capital Partners with participation from existing investors including Google, Radical Ventures, Lightspeed, and others. The fresh capital infusion brings Pixxel’s total funding to $95 million to date.
The startup said the latest capital infusion will enable it to accelerate the development and launch of its entire constellation of 18 commercial hyperspectral satellites planned for the near future and support the growth of its software offerings, including Aurora, its AI-driven Earth Observation platform.
Pixxel, a space data company and a spacecraft manufacturer, is developing a constellation of the world’s highest-resolution hyperspectral imaging satellites designed for daily revisit frequency anywhere on Earth. It would help detect, monitor, and predict critical global phenomena across agriculture, oil and gas, mining, environment, and other sectors in up to 50x richer detail.
Speaking on the investment, Awais Ahmed, Founder and CEO of Pixxel said the new infusion of capital will help launch more satellites quicker, transforming how humanity understands and acts on the challenges of time.
“We look forward to building a business that continues to make a meaningful impact for generations, creating a world where industries and governments can act faster and smarter for the greater good through Pixxel’s cutting-edge hyperspectral satellites.”
Moreover, the funds will boost Pixxel’s plans to expand its satellite manufacturing capacity, scale its operations for upcoming missions, and enhance its capability to provide a full spectrum of satellite manufacturing services—from small satellites to advanced imaging payloads for other organisations and governments.
“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,” said Praveg Patil, Head of Asia Pacific – M&G Impact & Private Equity.
Pixxel said its upcoming fireflies constellation of 6 commercial-grade hyperspectral satellites is set for launch in early 2025 and will provide enhanced global coverage with native 5-meter resolution, a 40-kilometre wide swath and daily revisit frequency anywhere on the planet.
According to the government’s Invest India portal, the market size of satellite manufacturing in India by 2033 would be $4.6 billion while the anticipated size of the Indian space economy by 2040 would be $100 billion.
To boost space startups, the government in October this year had approved a Rs 1000 crore venture capital fund to be overseen by IN-SPACe (Indian National Space Promotion and Authorization Center).