Spacetech Startup Pixxel Bags Investment From Accenture

US-listed IT firm Accenture has made a strategic investment in spacetech startup Pixxel, which recently launched its first full-fledged commercial imaging satellite, Shakuntala, and is bringing in more innovations in earth imaging technology. 

The investment was done through Accenture’s startup investment arm Accenture Ventures, but the terms of the deal were not disclosed.

In May this year, Pixxel raised $25 Mn in its Series A funding round led by Canada-based Radical Ventures to ramp up the production of its hyperspectral satellite constellation. 

Institutional investors such as Seraphim Space Investment, Blume Ventures, Lightspeed Partners, Sparta and Inventus Capital India, and angel investors like Jordan Noone also participated in the Series A round.

Founded in 2019 by BITS Pilani alumni Awais Ahmed and Kshitij Khandelwal, Bengaluru-based Pixxel is building high resolution hyperspectral imaging satellite constellation to offer its clients AI-powered insights that discover, solve, and predict climate issues in real-time.

“Pixxel’s hyperspectral imaging technology has the potential to do just that, and in doing so, could help scientists address some of the world’s most pressing challenges to our Earth,” Accenture Ventures MD Tom Lounibos said.

“We continue to take great interest in startups within the burgeoning space industry, which some have forecasted will reach $1 Tn in revenue by the year 2040, and Pixxel is a particularly exciting company sitting at the intersection of space technology and sustainability,” Lounibos added.

The companies claimed that over 50 customers from industries including agriculture, oil and gas, mining, and climate sectors have signed pre-launch agreements with Pixxel so far.

After the recent launch of its satellite Shakuntala as part of SpaceX’s April Transporter-4 payload, Pixxel’s first commercial phase satellites are scheduled for launch in early 2023. 

Pixxel will launch more satellites next year, and is expected to achieve daily global coverage by early 2024.

Besides, the commercial sale of its data will provide a global scale perspective of planetary-scale ecosystems and biospheres, which is set to be used for creating an AI-informed analysis platform and a digital twin of the Earth.

“Accenture’s global reach and support will help accelerate our ambitious mission to create a health monitor for the Earth and leverage our technology to address some of the most pressing issues facing our planet,” Pixxel CEO and cofounder Ahmed said. 

With the Indian government’s increased focus on the country’s spacetech ecosystem, the fundraising activities in the segment have also seen a growth. As per a Tracxn report, funding in the sector jumped 198.67% to $67.2 Mn in 2021 from $22.5 Mn in 2020.

Last month Inc42 reported that spacetech firm Agnikul was in talks to raise $40 Mn in a Series B round at a valuation of $250 Mn.