Pixxel secures additional $24M in Series B funding reaching $60M total

Pixxel secures additional $24M in Series B funding reaching $60M total
by Simon Mansfield
Sydney, Australia (SPX) Dec 10, 2024

Pixxel, a US-India-based leader in hyperspectral satellite technology, has raised $24 million in additional funding for its Series B round, bringing the total for this round to $60 million and its overall funding to $95 million. This positions Pixxel among the most well-funded space technology startups in India and the leading hyperspectral imaging company globally.

New participants in the Series B extension round include M&G Catalyst and Glade Brook Capital Partners, joining established backers such as Google, Radical Ventures, and Lightspeed. These funds will fuel the development of Pixxel's constellation of 18 hyperspectral satellites, intended to provide critical environmental insights and support climate action.

The capital will also support Pixxel's satellite manufacturing capacity, enhance its AI-driven Earth Observation platform Aurora, and expand its operational capabilities. Aurora enables the analysis of hyperspectral data for applications such as agriculture, resource management, and environmental monitoring.

"This funding reflects the bold vision we've set out to achieve at Pixxel and echoes the investors' confidence in Pixxel's technological capabilities," said Awais Ahmed, Pixxel's Founder and CEO. "The new infusion of capital will help us launch more satellites quicker, transforming how humanity understands and acts on the challenges of our time."

Praveg Patil, Head of Asia Pacific at M&G Impact and Private Equity, praised Pixxel's technology, saying it "will be transformational and adaptable to monitor for enhancing crop health, climate change, managing resources more effectively, and protecting our environment."

Linda Guo, Partner at Glade Brook Capital Partners, added, "We are thrilled to partner with Pixxel as they advance the deployment of their hyperspectral satellite constellation. Awais, Kshitij, and the Pixxel team have demonstrated exceptional vision, innovation, and execution."

Pixxel's satellites offer unprecedented 5-meter spatial resolution across 250+ spectral bands, making them uniquely capable of providing detailed Earth imaging. The upcoming Fireflies constellation, comprising six hyperspectral satellites launching in 2025, will enhance global imaging with a daily revisit frequency, covering a 40-kilometer swath.

The company's advanced technology serves a wide array of sectors, including agriculture, energy, urban planning, mining, and environmental protection, delivering actionable intelligence to aid data-driven decisions.

M&G Catalyst and Glade Brook Capital Partners bring significant expertise to the partnership. M&G Catalyst is part of M&G plc, managing Pounds 343.5 billion in assets as of December 2023, while Glade Brook Capital Partners has supported transformative companies like SpaceX, Airbnb, and Uber.