A satellite-image Bengaluru-based Pixxel raised $36 Million in a series B funding round which will be led by Google becoming the first major investment in the Indian space sector since the government launched its privatisation policy in April.
Pixxel announced its Series B round on June 1st 2023, which included Google as well as existing investors Radical Ventures, Lightspeed, Blume Ventures, growx, Sparta and Athera.
The company has now raised $71 million. Pixxel did not reveal the valuation of the round.
According to Reuters Pixxel is building a constellation of satellites that have the ability to identify mineral deposits or the productivity of crops by analysing the spectral signature of an image.
The company which has offices in India and the United States, launched its first Pathfinder satellites in 2022 and planning a constellation of 24 satellites to deploy in 2025.
Awais Ahmed, chief executive and co-founder of Pixxel said in a statement, “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.”
The funding will go towards Aurora an analytics platform that according to the company will use artificial intelligence technologies to produce useful information products for customers as well as the development of the constellation.
According to SpaceNews Pixxel is one of the six companies that signed an agreement with the National Reconnaissance Office in March for the agency’s Strategic Commercial Enhancements program for hyperspectral imagery.
An industry source said the funding came through the Google for India Digitalisation Fund. The Fund was established in 2020, set aside about $10 billion to invest in Indian companies, including those building new products and services relevant for Indian needs, supporting digital transformation efforts, and leveraging technology and artificial intelligence for health, education and agriculture.
