Indian spacetech firm Pixxel, building the world’s highest-resolution hyperspectral satellite constellation, has raised an additional $24 million as part of its Series B round, bringing the total funding in the round to $60 million.
The Series B extension round added new investors, M&G Catalyst and Glade Brook Capital Partners, who join existing backers Google, Radical Ventures, Lightspeed, and others.
The funds will enable Pixxel to accelerate the development and launch of Pixxel’s entire constellation of 18 commercial hyperspectral satellites planned for the near future. It will also support the growth of Pixxel’s software offerings, including Aurora, its AI-driven Earth Observation platform, enabling seamless analysis and actionable insights for diverse applications from hyperspectral data.
Additionally, the funds will drive 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, the firm said in a statement.
“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 Awais Ahmed, Founder and CEO, Pixxel.
In June 2023, Pixxel raised $36 million in a Series B funding round from Google and other existing investors. Other existing investors Radical Ventures, Lightspeed, Blume Ventures, growX, Sparta and Athera also participated in the round.
With this, Pixxel has raised $95 million across all funding rounds to date.
India’s space economy, traditionally dominated by government agencies, has seen significant participation of private players in the last few years. Other spacetech startups that have raised funds include Bellatrix Aerospace, Agnikul, Bluesky Analytics, Digantara and Pixxel.
India has ambitious plans to win a significant share of the commercial space market by 2033. With this target in mind, the Indian government approved a $119 million fund for its burgeoning space sector, with 40 startups expected to benefit.
The country’s space sector garnered record-high funding of $126 million in 2023, a 7% increase from the $118 million raised in 2022 and a 235% jump compared to $37.6 million raised in 2021.
