Since the launch of IN-SPACe, the regulatory environment in India has improved significantly, emphasizes Pixxel CEO Awais Ahmed, in an interview to Geospatial World.
What is your unique tech proposition and how is Pixxel different from other private Space organizations in India?
At Pixxel, we are building a health monitor for Earth by deploying hyperspectral earth imaging satellites and analytical tools to mine insight. It will be the world’s most advanced satellite imaging constellation beaming down imagery at a 50x times more detail than previous satellites. This can be utilized to bring about a lasting impact in areas like agriculture, managing climate risks and much more. We are also building a satellite imagery analysis platform that could take in terabytes of satellite imagery and extract actionable insights and patterns from that data. Our constellation can provide global coverage every 24 hours, to detect, monitor, and predict global phenomena.
Our capabilities in developing hyperspectral satellites stands us apart from others. The fundamental principle behind hyperspectral imaging is that of imaging spectroscopy. We catch light in several narrow wavelengths with hyperspectral imaging, allowing us to delve into the chemistry of the image we are recording. Instead of telling you whether a section of the farm is green or not, we can tell you what kind of crop grows there, how much chlorophyll is in the leaves, how much moisture is in the soil, what stage of growth it is in, and a whole lot more.
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What all areas are you looking to target in the near future?
We already have a significant number of customers from around the world who are waiting for our satellites to launch. Currently, they rely on imagery from planes or drones. In India, we are seeing a lot of interest from the government, with Karnataka, Telangana, and Gujarat all interested in these technologies. The markets range from multibillion dollar companies, large oil and gas companies, and large mining companies to national governments around the world.
Can you throw some light on seed funding in India?
Space is a costly field that necessitates financial resources. As of now, Pixxel has raised around $7.3 million in funding. Last year, we raised the largest seed funding of $5 million from established institutional venture capital firms — Lightspeed India and Blume Ventures. Since the launch of IN-SPACe, the regulatory environment in India has improved significantly.
We have seen Digantara raise $2.3 million recently. We have seen Skyroot and Agnikul raise $11 million each as well. Investment is flowing in and all this is possible because of the opening up of Space to private sector.
Moreover, investing in Space-tech startups has now become a viable option for Indian investors. The recent announcement of the seed fund scheme for new-age firms will ensure adequate availability of funds, especially for startups with good ideas across various fields. This will also help in creating a robust ecosystem in smaller towns of the country from where innovative ideas may emerge. Schemes like this are enabling startups grow and provide a safe space to experiment, while a majority of them fail to go beyond the idea stage due to lack of funds for initial deployment and identifying product-market fit. However, fluid policies will and can provide a room for new-age entrepreneurs to access funds that are not available through traditional mode of loans.
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What are the upcoming projects after the October satellite launch?
Like you said, we are ready with our first satellite and will be launching the same with Indian Space Research Organisation (ISRO) in October. The second satellite in a projected 36-satellite constellation is also 60% complete and is expected to launch in December. We have been working on two other satellites at the same time for next year and there are around 30% ready and we will launch these next year.
