Funding News

Space startup Pixxel wraps up its Seed Funding Round at $7.3Mn

Indian space startups are rarely able to hog the limelight, with investors acting sparingly when it comes to reposing their faith in the hi-tech space arena. However, Pixxel is proving to be a rare breed with the startup succeeding in bringing high profile investors in its seed funding round that was initiated in August last year.

Now the Bengaluru based startup has announced that it has brought new set of investors and has closed the seed funding round at $7.3Mn. Among other investors, the new set of investors include high profile names like Techstars and Omnivore VC. In August last year, Pixxel had raised $5Mn from big investors like Blume Ventures, Lightspeed India and Inventus Capital India.

last year, another high profile space startup Agnikul Cosmos had raised INR 23.4 Cr in a pre-series A round.

With the fresh funding, Pixxel also announced its foray into hyperspectral imaging. By launch of this new product, Pixxel aims to provide high resolution images that will provide never-before insight and uncovering of previously undetected issues like behavior of pest insects and environmental hazards.

Pixxel has said that it aims to launch hyperspectral image satellite pretty soon and plans to launch more such satellites in the coming period if it is able to achieve success in its maiden space launch.

While Pixxel is currently planning for hyperspectral image satellite launch, the startup recently announced its decision to opt out of ISRO’s PSLV C51 mission. The PSLV-C51 was ISRO’s 53rd mission of the Indian Polar Satellite Launch Vehicle program. The satellite was successfully launched on 28th Feb 2021. But Pixxel decided to withdraw from the mission, citing a certain software issue.

Pixxel took to Twitter to make an announcement on this matter. Below is the screenshot of the announcement that was made on its Twitter handle…

 

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