Pixxel, a satellite-image start-up based in Bengaluru, has raised $36 million in funding from Alphabet’s Google, marking the first major investment in the Indian space sector since the government’s privatisation policy was launched in April. Pixxel was established in 2019 and is building a constellation of satellites capable of identifying mineral deposits or the productivity of crops by analysing the spectral signature of an image. The company’s clients include mining firm Rio Tinto and Australian agritech firm DataFarming. Pixxel has raised over $71 million from investors, including Accenture PLC, but did not specify how much Google had invested or the valuation it reflected. Pixxel’s founder and CEO, Awais Ahmed, said the company would become “the most valued space tech company in India after this investment”.
Pixxel is one of several private companies looking to take advantage of India’s newly opened space sector, which encourages startups to provide broadband services and applications such as supply chain tracking. The government announced its private-sector space policy framework in April.
The funding comes at a time when startups globally are struggling to secure funding, particularly space startups, which have faced pressure following the bankruptcy of Richard Branson’s Virgin Orbit launch company. Pixxel plans to use the funding to build out its satellite network, with six satellites set to launch next year to add to the three it currently has in orbit. The company is also looking to hire more engineers to work on its analytics.
Ahmed was inspired to launch Pixxel after a visit to Elon Musk’s SpaceX as part of a student competition to build a demonstration “hyperloop” transport pod. He and co-founder Kshitij Khandelwal set out to build an AI model that could use satellite data to predict crop yields, detect illegal mining and track natural disasters. Pixxel’s satellites take in and analyse a wide spectrum of light instead of just assigning primary colours to each pixel, a technology known as hyperspectral imaging.
Google has a strong interest in satellite data, working on a range of projects in agriculture and the environment, as well as its Google Earth platform. Ahmed said that the combination of Google’s work in this area and Pixxel’s satellite data technology led to the investment. Pixxel’s funding round is expected to make it the most valuable space tech company in India, overtaking rocket and launch provider Skyroot Aerospace, which is valued at an estimated $163 million, according to Tracxn, which tracks startups.
Pixxel’s latest funding round has seen Alphabet’s Google lead a $36 million investment in the Indian space sector. Pixxel is building a constellation of satellites that can analyse the spectral signature of an image to identify mineral deposits or the productivity of crops. The funding comes after India opened its space sector to private companies, encouraging startups to provide broadband services and power applications such as supply chain tracking. Pixxel’s funding round is expected to make it the most valuable space tech company in India.
Leave a Reply