Google-Backed Space Startup Pixxel Raises Additional $24 Million in Series B Funding

• ByStartupStory     |    December 10, 2024

Pixxel, a Google-backed space technology startup, has secured an additional $24 million as part of its Series B funding round, bringing the total for this round to $60 million. The latest investment brings Pixxel’s total funding to date to $95 million. The extended Series B round saw participation from new investors M&G Catalyst and Glade Brook Capital Partners, alongside existing investors such as Google, Radical Ventures, and Lightspeed.

This fresh capital will enable Pixxel to expedite the development and deployment of its planned constellation of 18 commercial hyperspectral satellites. The funds will also be used to enhance its software capabilities, including Aurora, Pixxel’s AI-powered Earth Observation platform.

Pixxel is developing a constellation of the world’s highest-resolution hyperspectral imaging satellites. These satellites aim to provide daily revisit capabilities across any location on Earth. The technology promises to deliver up to 50x richer data, helping industries monitor and predict critical phenomena across agriculture, oil and gas, mining, and environmental sectors.

Commenting on the funding, 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.”

Pixxel’s upcoming fireflies constellation, consisting of six commercial-grade hyperspectral satellites, is scheduled for launch in early 2025. These satellites will offer enhanced global coverage, featuring native 5-meter resolution, a 40-kilometre swath, and daily revisit frequency.

The investment will also support Pixxel’s plans to scale its satellite manufacturing operations, providing end-to-end services, from small satellite manufacturing to advanced imaging payloads for organizations 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.

According to the government’s Invest India portal, India’s satellite manufacturing market is projected to reach $4.6 billion by 2033, with the overall Indian space economy anticipated to grow to $100 billion by 2040. To encourage space startups, the government recently approved a ₹1,000 crore venture capital fund, overseen by the Indian National Space Promotion and Authorization Center (IN-SPACe).

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