This latest infusion, led by new investors M&G Catalyst and Glade Brook Capital Partners, will be directed toward expediting the deployment of Pixxel’s constellation of hyperspectral imagery satellites, according to Awais Ahmed, the company’s Founder and CEO.
“The major focus of the additional $24 million will be to accelerate plans of the deployment of our constellation of hyperspectral imagery satellites. Over the last three years, we have built and launched three satellites that have beamed down data we sold to customers, demonstrating the impact satellite imagery can have on Earth.
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With this funding, we will launch six commercial Firefly satellites, providing global coverage with daily revisits. This means we can monitor any location on the globe every 24 hours,” Ahmed stated in an interview with CNBC-TV18.
Ahmed added that this milestone will set the stage for further expansion, with plans to launch 12 additional satellites in 2026. The deployment of these satellites will enable Pixxel to provide unprecedented global monitoring capabilities, leveraging hyperspectral imaging technology for applications ranging from agriculture to environmental conservation and beyond.
Pixxel’s hyperspectral satellites capture data across a broader spectrum than traditional satellites, allowing for detailed insights into Earth’s resources. This capability has already attracted over 50 customers, including the Indian Ministry of Agriculture, NASA, and companies in industries such as oil and gas, agriculture, and mining.
“In terms of demand, we’re seeing quite a bit of interest since deploying our initial satellites,” Ahmed shared. “For instance, we help agricultural companies identify crops, analyse soil nutrients, and estimate yields to aid import and export planning. In the oil and gas sector, we monitor for leaks in pipelines, and in mining, we assess environmental impacts, such as deforestation. Our satellites also help track global phenomena like melting polar ice caps, rising sea levels, hurricanes, and forest fires.”
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The new funding round builds on Pixxel’s momentum from its first tranche of Series B funding in June last year, which raised $36 million. With a total of six Firefly satellites slated for launch in 2025 as part of the first phase of its constellation, Pixxel aims to achieve significant revenue growth and become EBITDA-positive by the end of next year.
“Our goal is to be EBITDA-positive by 2025 and, hopefully, cash flow-positive by mid-2026,” Ahmed explained. “Once these six satellites are operational, we expect to see a significant increase in revenues.”
Watch the accompanying video for the entire conversation.
