Pixxel receives undisclosed 'strategic' investment from Accenture Ventures

Accenture Ventures, the investment arm of the global information technology (IT) services firm, has announced an undisclosed strategic investment in Indian space-tech startup, Pixxel. The move follows Pixxel's $25 million Series A fundraising announced in March this year, and makes Accenture Ventures the second global fund to have invested in an Indian space-tech firm — after Canada's Radical Ventures led the company's funding round in March.

Tom Lounibos, managing director of Accenture Ventures, said in a statement that the global space industry is set to grow to $1 trillion in revenues by 2040, and Pixxel's technology "has the potential" to "predict a famine before a crop infestation takes over or stop an oil spill before it endangers delicate oceanic biospheres."

A joint statement by the two companies added that the data generated for on-ground services can offer "8x more information and 50x better resolution than existing in-market options."

It remains unclear if the latest round of funding is an addition to Pixxel's ongoing Series A funding round. Accenture Ventures also added that it will be a "strategic" investor in Pixxel, through this investment. A Pixxel spokesperson did not respond to request for clarification on whether the investor would play any role in the products and services offered by it, at the time of publishing.

Based in Bengaluru, Pixxel is building a constellation of low-Earth satellites that are capable of producing 'hyperspectral imagery'. The latter refers to satellite imagery of Earth surfaces by going beyond the visible spectrum of light, thereby offering a greater volume of data related to on-ground conditions. Such imagery can be used in a wide range of applications, such as assessing threats to endangered marine ecosystems, predicting and preventing forest fires, offering insights for agricultural operations, and more.

The company launched its first satellite aboard a SpaceX Falcon9 rocket in April this year. However, this was supposed to be its second satellite launch, after its first launch was postponed due to changes in the launch schedule of the Indian Space Research Organisation (ISRO)'s Polar Satellite Launch Vehicle (PSLV) space missions. The company is expected to add six more satellites to its constellation by early 2023, and possibly also add more satellites to its constellation based on its requirement, Awais Ahmed, chief executive of Pixxel, told Mint earlier this month.

Alongside being the highest funded space startup in India, Pixxel is also the only one that has drawn funding from international ventures. Industry experts told Mint earlier this month that a host of reasons — such as the lack of the space-proven tag, and regulatory hurdles for foreign investments in India — may be preventing international funds from investing in Indian space startups.