Pixxel, the private earth imaging startup based in India, closed a $7.3 million seed funding round. It raised capital from two new investors, Techstars and Omnivore, and its existing investors, Blume Ventures, Lightspeed Ventures, Ryan Johnson, growX, and others. In a recent announcement, Pixxel said that it closed a fundraise of around $2.3 million from its new investors. This, according to Pixxel, is an extension of the $5 million that it fundraised in August 2020.
New Funds to be used to accelerate building revolutionary satellite constellation
In terms of new initiatives at the company, Pixxel also announced that they are building the world’s highest resolution hyperspectral satellite constellation to provide global coverage, 24/7. This world’s highest resolution hyperspectral satellite constellation, according to Pixxel is lower in costs and provides better coverage than the existing ones in the market. The Agriculture sector could definitely make use of this satellite constellation for crop monitoring. Other agencies can use Pixxel’s constellation of satellites for urban planning and climate-change-related monitoring.
As per Pixxel, it will use the funds to accelerate the development of this satellite and soon work on the second one. The recent funding that it has received will also allow them to scale up its operations and meet the growing needs of remote sensing data via hyperspectral imaging. Pixxel’s first satellite is expected to be deployed in the next few months. The company has worked alongside and has partnerships with Maxar, NASA’s Jet Propulsion Laboratory (JPL), and the Indian Space Research Organisation (Isro).