Space tech startup Pixxel secures additional $24M funding in Series B round
Pixxel will use the funds to advance the launch of its 18 hyperspectral satellites, enhance software offerings, expand satellite manufacturing, and scale operations for future missions.
Space tech firm has secured an additional $24 million as part of its Series B funding round, bringing the total to $60 million.
The Series B extension round brought in new investors, including M&G Catalyst and Glade Brook Capital Partners, alongside existing backers such as Google, Radical Ventures, and Lightspeed.
Earlier, in June 2023, Pixxel had secured $36 million in Series B funding, with Google joining existing investors like Lightspeed, Radical Ventures, Blume Ventures, GrowX, Sparta LLC, and Athera.
The space tech company had disclosed that it raised Rs 185.4 crore (~$21.9 million) via rights issue during FY24 in its recent financial statements.
Pixxel will use the funds to advance the launch of its 18 planned hyperspectral satellites and expand its software offerings, including Aurora, an AI-powered Earth Observation platform for analysing hyperspectral data and delivering actionable insights.
The company also noted that the capital will support expanding its satellite manufacturing capacity, scaling operations for upcoming missions, and offering a full range of satellite manufacturing services.
This funding makes Pixxel one of India’s highest-funded space tech startups, with a total of $95 million raised across all funding rounds to date.
Co-founded in 2019 by Awais Ahmed and Kshitij Khandelwal, Pixxel is a space data company building a constellation of the world’s highest-resolution hyperspectral earth imaging satellites and the analytical tools to mine insights from the data.
“The new infusion of capital will help us launch more satellites quicker, transforming how humanity understands and acts on the challenges of our time,” Ahmed said.
Last month, the space tech firm unveiled its flagship commercial satellites—the Fireflies. The Fireflies are a constellation of six next-gen hyperspectral satellites that will launch early next year.
The Fireflies constellation will deliver critical data across various applications, from early detection of crop diseases and pinpointing water stress to real-time deforestation monitoring and tracking ocean pollution. With plans to expand the constellation to 24 satellites, Pixxel aims to make hyperspectral data widely accessible.
“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,” Praveg Patil, Head of Asia Pacific at M&G Impact & Private Equity, said.
The space tech firm reported Rs 28.7 crore in operating revenue in FY24, an 87.2% year-on-year (YoY) increase. Its loss widened 2X to Rs 20.4 crore in FY24. This surge in losses was driven by a 92.3% YoY rise in expenses, totalling Rs 51 crore in FY24.