Total amount raised
$95 Millions
Latest funding date
12/1/2024
Location
Pixxel has successfully raised $25 million in its Series A funding round, marking a significant milestone in its journey. The company specializes in hyperspectral imagery and space data, offering innovative solutions across various sectors.
Keep reading to explore the intricacies of Pixxel's fundraising journey and the investors backing this pioneering space technology company.
What Is Pixxel?
Pixxel, founded in 2019, is a pioneering company in the field of hyperspectral imagery and space data. Based in Bangalore, India, Pixxel aims to revolutionize Earth observation with its advanced satellite technology.
The company was founded by Awais Ahmed and Kshitij Khandelwal, who envisioned creating a health monitor for the planet. Pixxel's constellation of hyperspectral imaging satellites provides high-resolution data for various sectors, including agriculture, energy, and environmental monitoring.
With a growing team of over 50 employees, Pixxel continues to innovate and expand its capabilities, aiming to launch multiple commercial-grade satellites in the coming years.
How Much Funding Has Pixxel Raised?
- Pre-Seed Round
- Amount Raised: $680K
- Date: July 2019
- Lead Investors: growX ventures, Techstars
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Pixxel's initial satellite technology.
- Non-Equity Assistance
- Date: September 2019
- Lead Investors: Creative Destruction Lab (CDL)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain mentorship and resources without diluting equity.
- Seed Round
- Amount Raised: $5M
- Date: August 2020
- Lead Investors: Blume Ventures, growX ventures, Lightspeed India Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch the first set of hyperspectral imaging satellites.
- Seed Round
- Amount Raised: $2.3M
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop satellite technology and expand the team.
- Venture Round
- Date: April 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and technology development.
- Series A
- Amount Raised: $27M
- Date: March 2022
- Lead Investors: Radical Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch multiple commercial-grade satellites and expand the team.
- Venture Round
- Date: August 2022
- Lead Investors: Accenture Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance satellite technology and expand market reach.
- Series B
- Amount Raised: $36M
- Date: June 2023
- Lead Investors: Google
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development and launch of hyperspectral satellites.
- Series B
- Amount Raised: $24M
- Date: January 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further support satellite development and operational scaling.
- Series B
- Amount Raised: $24M
- Date: December 2024
- Lead Investors: Glade Brook Capital Partners, M&G Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance the launch of 18 hyperspectral satellites and enhance software offerings.
Total amount raised: $119.98M. Current valuation: Not publicly disclosed.
Key Investors
- Google
- Details: Google is a multinational technology company specializing in internet-related services and products. It is known for its search engine, advertising services, and various technology innovations.
- Investment Focus Areas: Technology, internet services, innovative startups
- Notable Investments: Waymo, DeepMind, SpaceX
- Radical Ventures
- Details: Radical Ventures is a venture capital firm focused on artificial intelligence and machine learning. It aims to support transformative technologies that can have a significant impact on various industries.
- Investment Focus Areas: Artificial intelligence, machine learning, deep technology
- Notable Investments: Not publicly disclosed
- Lightspeed
- Details: Lightspeed is a venture capital firm that invests in early and growth-stage technology companies. It has a strong track record of supporting innovative startups across various sectors.
- Investment Focus Areas: Enterprise, consumer, health sectors
- Notable Investments: Snap, Affirm, Grubhub
- Glade Brook Capital Partners
- Details: Glade Brook Capital Partners is a global growth equity firm investing in emerging leaders in software, internet, and deep technology. It focuses on high-growth potential companies.
- Investment Focus Areas: Software, internet, deep technology
- Notable Investments: SpaceX, Stripe, Airbnb
- M&G Catalyst
- Details: M&G Catalyst is part of M&G Investments, a savings and investment business. It focuses on impact and private equity investments, particularly those that generate positive environmental outcomes.
- Investment Focus Areas: Private credit, private equity, real estate, infrastructure, structured credit
- Notable Investments: Not publicly disclosed
What's Next for Pixxel?
Pixxel's future is brimming with opportunities, starting with the launch of its 18 commercial hyperspectral satellites. This ambitious project aims to provide global coverage and support applications in agriculture, climate monitoring, and urban planning. The AI-driven Earth Observation platform, Aurora, will further enhance their capabilities, making advanced imaging accessible to a broader audience.
As Pixxel scales its operations, future fundraising rounds are likely to support the expansion of satellite manufacturing and technological advancements. The growing interest in space technology and high-resolution earth observation data positions Pixxel well for attracting more investors and potential strategic partnerships.
However, the journey is not without challenges. Technical and logistical hurdles in deploying a large satellite constellation, competition from other space-tech companies, and ensuring data reliability are significant obstacles. Navigating regulatory requirements and maintaining operational scalability will also be crucial for Pixxel's sustained growth.
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