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Spacetech startup Pixxel has secured an additional $24 Mn (around INR 203.48 Cr) in its Series B funding round.
This latest investment boosts Pixxel’s total Series B funding to $60 Mn.
The round saw participation from new investors, including M&G Catalyst and Glade Brook Capital Partners, who joined existing backers Google, Radical Ventures, Lightspeed and others in the cap table.
Pixxel will use the fresh funds to fast track launch of its planned constellation of 18 commercial hyperspectral satellites. It will also bolster growth of the company’s software suite, including Aurora, its earth observation platform.
In addition, the investment will fuel Pixxel’s efforts to expand its satellite manufacturing capacity, scale operations for upcoming missions and enhance its ability to offer satellite manufacturing services.
Pixxel’s founder and CEO Awais Ahmed, 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. We look forward to building a business that continues to make a meaningful impact for generations, creating a world where industries and governments can act faster and smarter for the greater good through Pixxel’s hyperspectral satellites. ”
Founded in 2018 by Ahmed and Kshitij Khandelwal, Pixxel is building a constellation of hyperspectral earth satellites to offer imaging services to clients in sectors such as agriculture, mining, and environment, among others.
Backed by the likes of Google, Radical Ventures, Accenture, Lightspeed, Blume Ventures and growX, Pixxel claims to have raised around $95 Mn in funding to date.
Last year, Pixxel raised $36 Mn in its Series B funding round, which saw participation of new investors such as Google. Existing investors Radical Ventures, Lightspeed, Blume Ventures, GrowX, Sparta, and Athera also participated in the funding round.
The post Pixxel Bags Additional $24 Mn In Series B Funding From M&G Catalyst, Others appeared first on Inc42 Media.
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