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Space tech startup Pixxel raises $25M led by Radical Ventures

Space tech startup Pixxel on Monday said it has raised USD 25 million in a series A funding round led by Toronto-based Radical Ventures.

Jordan Noone, Seraphim Space Investment, Lightspeed Partners, Blume Ventures, Sparta LLC and Inventus Capital India also participated in the funding round.

Pixxel CEO and co-founder Awais Ahmed told PTI that the company has raised adequate funds required for launching nine satellites by early next year.

”The new funding round will enable us to build six more satellites, beyond three, that we will launch in early 2023. This will enable us to start selling data to 50-plus customers that we have globally, and start generating revenue and get to a self-sustaining business,” Ahmed said.

Pixxel has already launched one satellite through a contract manufacturing model with its own hyperspectral camera.

Ahmed said that the image captured by the camera can collect information related to soil nutrition, crop diseases, gas or oil leakages, mineral identification and forest fires, among others.

The company has plans to launch a total of 36 satellites.

”We will launch six satellites early next year. We will launch 12 more before the end of next year and then another 12 in early 2024. We are in the process of manufacturing six (satellites) for launch in early 2023,” Ahmed said.

He said that the additional satellites will help in getting the image faster.

”The six satellites that will be launched in 2023 will enable us to generate revenue, and we will use that revenue to build more satellites rather than raising more funds,” Ahmed said.

Pixxel satellites will be able to cover the entire earth, except the extreme north and south, he said. PTI

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