Private Equity

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Space-tech co. Pixxel attracts addnl $24-M in Series B from M&G Catalyst, Glade Brook Capital, other

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Bengaluru-based space tech firm Pixxel has raised USD 24 million more as part of its Series B funding round, bringing the total funds raised in the round to USD 60 million. The Series B extension round brought in new investors, including M&G Catalyst and Glade Brook Capital Partners, alongside existing backers such as Google, Radical Ventures, and Lightspeed.The space tech company had raised INR 185.4 crore (about USD 21.9 million) via rights issue during FY24.Pixxel will use the new funds to advance the launch of its 18 planned hyperspectral satellites and expand software offerings, including Aurora, an Earth observation platform for analysing hyperspectral data and delivering actionable insights.Co-founded in 2019 by Awais Ahmed and Kshitij Khandelwal, Pixxel is building a constellation of high-resolution hyperspectral earth imaging satellites and analytical tools to mine insights from the data.

Between May 2019 and Jun 2023, Pixxel had raised about USD 82 M from Athera Venture Partners, Blume Ventures, Google, Growx Ventures, Lightspeed Ventures, Radical Ventures and Accenture Ventures.For FY24, Pixxel had reported about INR 29 Cr in Operating Income and about INR 20 Cr in Net loss.