Satellite imaging startup Pixxel has raised $100 million, or about Rs 945 crore, in a Series C funding round co-led by Singapore sovereign wealth fund Temasek and UK-based space investor Seraphim, marking the largest funding round by an Indian space technology company.
The Bengaluru-based company said the funding takes its total capital raised to $195 million. New investors 360 ONE Asset and Seoul-based IMM Investment joined the round, alongside existing backers including Radical Ventures and growX Ventures.
Pixxel plans to use the money to expand its satellite capabilities, Earth intelligence software and sovereign space systems.
The company began by developing hyperspectral imaging satellites, which capture data across a wider range of wavelengths than conventional satellite cameras. Such data can help identify changes and characteristics on the Earth's surface that may not be visible in ordinary imagery.
Pixxel is now expanding beyond hyperspectral imaging through its Honeybee satellite constellation and Aurora, its Earth intelligence software platform. The company also plans to increase satellite manufacturing capacity.
“Years ago, we set out to build a health monitor for the planet,” Awais Ahmed, Pixxel's founder and chief executive, said in a statement.
The latest funding will provide the company with capital to expand its sensing and data capabilities as it develops satellite systems for commercial and government customers.
Pixxel has deployed six Firefly satellites and has secured contracts with organisations including NASA and the US National Reconnaissance Office, according to the company. It has also been selected to lead India's first public-private Earth observation constellation of 12 satellites under the Indian National Space Promotion and Authorisation Centre, or IN-SPACe.
The fundraise comes as India's private space sector attracts increasing investment following policy changes that opened more space activities to private companies.