Pixxel, a Bengaluru-based hyperspectral satellite-image company, has raised $36 million in funding led by Google.
Reuters reports that this is the first major investment in India's space sector since the government's privatization policy was announced in April.
What is Pixxel?
Pixxel, founded in 2019, is developing a constellation of satellites capable of identifying mineral deposits and analyzing crop productivity through spectral signature analysis.
According to the company, this constellation is intended to give global coverage every 24 hours to identify, monitor, and predict various global phenomena.
Pixxel's clients currently include mining giant Rio Tinto and Australian agritech company DataFarming.
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With previous investments totaling over $71 million from Accenture and other investors, Pixxel aims to become India's most-valued space tech company with Google's backing.
What the Significant Funding Means for Pixxel
According to Pixxel's Founder and CEO, Awais Ahmed, the collaboration with Google is a natural fit due to the search giant's extensive work in satellite data, agriculture, and environmental initiatives.
"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 CEO said in a news release.
Pixxel plans to leverage Google's expertise and technology, including Google Earth, to drive mutual benefits and advancements in the space sector.
Pixxel is among several private companies in India looking to capitalize on the opening of the space sector, which now allows startups to offer broadband services similar to Starlink and power applications such as supply chain tracking.
The government unveiled its private-sector space policy framework in April. Reports tell us that this paves the way for increased private participation and government-led research and development efforts.
Space Startups Struggle With Raising Capital
The funding from Google arrives at a time when startups worldwide are facing challenges in raising capital.
Space startups, in particular, have experienced setbacks following the bankruptcy of Richard Branson's Virgin Orbit launch company.
In related news, earlier this year, we reported that private investment in the space economy declined by 58% in 2022 relative to the previous year due to the impact of macroeconomic pressures on private and public industries.
What's Next for Pixxel?
Pixxel's recent funding will primarily be allocated to expanding its satellite network. The company plans to launch an additional six satellites next year in addition to the three it currently operates. To support its analytics capabilities, Pixxel is also seeking to hire more engineers.
Pixxel differentiates itself from existing commercial satellite imaging providers by utilizing hyperspectral imaging technology. Instead of assigning primary colors to each pixel, Pixxel's satellites capture and analyze a broad spectrum of light, enabling higher resolution and more detailed imagery.
With the backing of Google and its innovative approach to satellite imaging, Pixxel is poised to make significant contributions to India's space sector.
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