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growX Ventures Fund has reported a partial exit from space tech firm Pixxel, marking the first liquidity event for its $25 million Fund I.
The exit delivered a 17X return on invested capital and an internal rate of return (IRR) of 68% over a 5.5-year investment period. Despite this exit, growX retains a significant stake in Pixxel.
Founded in 2019 by Awais Ahmed and Kshitij Khandelwal, Pixxel is developing a constellation of high-resolution hyperspectral imaging satellites for sectors like agriculture, mining, energy, and environmental monitoring.
The startup has raised $95 million across nine funding rounds, with notable backers including GIC, Google, Radical Ventures, and Seraphim Capital. A commercial rollout is slated for later this year, with the launch of the initial six-satellite constellation.
Launched in 2019, growX Fund I focuses on early-stage B2B tech startups across sectors such as deep tech, fintech, SaaS, healthtech, and space tech. It holds positions in companies like Bellatrix Aerospace, Progcap, Zuddl, and Lightspeed Photonics.
Recently, logistics company Porter generated 11-fold returns for Peak XV Partners, which exited its investment.
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