Bengaluru-based space tech startup Pixxel announced the closing of its Series B round with an additional fund raise of $24 million, taking the total money raised in this 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.
In June 1, 2023, Pixxel announced that it raised $36 million in a round led by Google. With this, Pixxel has raised a total of $95 million across all funding rounds to date.
These developments come at a time when several Indian space tech startups, buoyed by policy-level push from the government and vigorous interest from venture capitalists, are trying to establish themselves in an industry, which has been pegged at $44 billion by 2033.
The startup will use the funds to develop and launch its constellation of 18 commercial hyperspectral satellites. The startup did not provide a timeline for this launch. They will also be used to develop Pixxel's software offerings, including Aurora, its AI-driven Earth observation platform.
Awais Ahmed, Founder and CEO of Pixxel said, “The new infusion of capital will help us launch more satellites quicker, transforming how humanity understands and acts on the challenges of our time.”
Additionally, a release by the company said that 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.
Pixxel is soon set to launch Fireflies, a constellation of six commercial-grade hyperspectral satellites, which will have the capability to capture images at a 5-meter resolution, a 40-kilometre wide swath and daily revisit frequency anywhere on the planet.
The satellites will be launched using rockets of both Indian Space Research Organisation and Elon Musk owned SpaceX.
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