Space-technology startup Pixxel, which raised $36 million led by tech giant Google last year in June, has further secured $24 million as a part of its Series B round, taking the total funding in the round to $60 million.
New investors included British firm M&G Catalyst and American growth equity-focussed fund Glade Brook Capital Partners.
Pixxel, which also counts Canada’s Radical Ventures and Lightspeed, has so far raised $95 million across all its funding rounds till date.
“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 of Pixxel. “This funding reflects the bold vision we’ve set out to achieve at Pixxel and echoes the investors' confidence in Pixxel’s technological capabilities.”
Pixxel will use the capital to accelerate the development and launch of Pixxel’s entire constellation of 18 commercial hyperspectral satellites planned for the near future, the startup said in a statement.
The funds will also be used to improve its software offerings including AI-platform Aurora, scale its operations and improve its capability to provide a full spectrum of satellite manufacturing services — from small satellites to advanced imaging payloads for other organisations and governments.
Founded in 2019 by Ahmed and Kshitij Khandelwal, Pixxel’s platform offers advanced tools for agriculture, oil and gas, mining, and environmental agencies to analyse geospatial composites of the earth’s surface in real-time through a simple application programming interface (API).
The startup is based in Los Angeles and Bengaluru. Pixxel’s clientele includes Indian Space Research Organization (ISRO), NASA Jet Propulsion Laboratory and SpaceX, among others.
“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. This partnership underscores our commitment to support Pixxel’s growth plans and reflects our broader purpose-led strategy,” said Praveg Patil, head of Asia Pacific – M&G impact & private equity.
It bagged $25 million in a Series A round led by Radical Ventures, with participation from Seraphim Space Investment, Lightspeed Partners, Blume Ventures, Sparta LLC and Inventus Capital India.
In 2021, Pixxel raised $2.3 million (around Rs 17 crore) from Omnivore and Techstars to close a seed round of funding at $7.3 million (approximately Rs 55 crore).
In the first tranche of the round, it raised $5 million (around Rs 38 crore) led by Blume Ventures, growX Ventures and Lightspeed India in August 2020.