Spacetech startup Pixxel has raised $36 million or Rs 296 crore in a Series B funding round led by technology giant Google, with participation from existing investors Radical Ventures, Lightspeed, Blume Ventures, growX, Sparta and Athera.
According to the company's statement, The raised will be utilized towards the development of the world’s first and highest-resolution hyperspectral satellite constellation, delivering actionable climate insights on a planetary scale.
Apart from this, The startup will also focus on the development of Aurora: Pixxel’s AI-powered analytics platform to make hyperspectral analysis accessible for everyone.
Founded in February 2019 by Awais Ahmed Kshitij Khandelwal, Pixxel said that its data from satellites will be critical in helping global organizations closely monitor emissions, water pollution, gas leaks, oil spills, soil composition, forest biodiversity and crop health in unprecedented detail and at faster speeds. Additionally, the new funds will bolster Pixxel’s plans to launch 6 satellites in 2024 and 18 other satellites by 2025, the startup said.
“At Pixxel, we believe that the future of our planet lies in our ability to monitor and protect its health precisely. With this round of funding, we are even closer now to realizing our mission of building a health monitor for the planet and empowering people around the world to make informed decisions about our collective well-being," said Awais Ahmed, co-founder and CEO of Pixxel.
"We're incredibly grateful to our world-class investors for their unwavering support and belief in our vision and are excited to work together to create a meaningful positive impact on the future of our planet.” Pixxel’s hyperspectral satellites can capture images at hundreds of wavelengths in the electromagnetic spectrum and reveal key data about the health of the planet.
The hyperspectral constellation and advanced data analytics platform will provide up to 10x more information compared to today’s multispectral satellites in space and increase the spectral resolution available by 50x.
As the need for better ESG data monitoring and measurement becomes critical, Pixxel said its capabilities will help organizations comply with national and global sustainability standards. Pixxel has seen a landmark year of growth, launching three Pathfinder missions into orbit and growing its customer base by 5x.
Recently, the space tech startup announced a 5-year contract with the NRO Commercial Systems Program Office (CSPO) for the Strategic Commercial Enhancements for Commercial Hyperspectral Capabilities program.
The current round took its total raised amount to $71 million and counts investors including Lightspeed, Radical Ventures, Accenture Ventures, Relativity’s Jordan Noone, Seraphim Capital, Ryan Johnson, Blume Ventures, Sparta LLC, growX Ventures, Athera Venture Partners, and Omnivore VC, among others.