Bengaluru-based spacetech startup Pixxel has successfully raised an additional $24 million in Series B funding. This latest round, led by M&G Catalyst and Glade Brook Capital Partners, brings the total Series B funding to $60 million and the overall funding raised by Pixxel to $95 million across all rounds.

Strategic Use of Funds

The fresh capital will be strategically utilized to:

• Accelerate Satellite Constellation Development: Pixxel plans to launch a full constellation of 18 hyperspectral satellites, enhancing its capabilities in Earth observation.
• Expand Manufacturing Capacity: The company aims to increase production of small satellites and advanced imaging payloads, ensuring it can meet growing demand and scale operations effectively.
• Enhance Software Capabilities: Investment will also go toward improving Aurora, Pixxel’s AI-powered Earth Observation platform, which enables seamless analysis and actionable insights from hyperspectral data.

Mission and Technological Impact

Pixxel’s mission is centered around providing high-resolution hyperspectral satellite imagery to address global challenges such as climate change, food security, and resource management. Their technology captures detailed insights into Earth’s surface, allowing for more accurate monitoring and analysis.

Pixxel’s hyperspectral satellites are designed to capture data across 250+ spectral bands at an unparalleled spatial resolution of 5 meters, allowing for spectrally fingerprinting the Earth and delivering details that conventional imaging methods cannot provide.

Key Highlights

• Fireflies Constellation: Pixxel’s flagship constellation, consisting of six hyperspectral satellites, is set to launch in early 2025. This constellation will provide enhanced global coverage with a native 5-meter resolution, a 40-kilometer-wide swath, and a daily revisit frequency anywhere on the planet.
• Aurora Platform: The AI-powered Aurora platform makes remote sensing data accessible and actionable for various industries, facilitating applications in agriculture, climate monitoring, resource management, mining, environmental protection, energy, urban planning, and more.
• Strong Investor Backing: With this latest funding round, Pixxel has demonstrated strong investor confidence in its technology and vision. The company has attracted investments from notable backers including Google, Radical Ventures, Lightspeed, and Accenture.

Industry Context

This investment underscores the growing interest in India’s spacetech sector. As the industry continues to mature, startups like Pixxel are at the forefront of innovation, driving advancements in satellite technology and remote sensing. The increasing demand for high-quality data from various sectors is propelling investments into companies that can deliver critical insights through advanced technologies.

Conclusion

With this recent funding boost, Pixxel is well-positioned to accelerate its growth and expand its impact within the spacetech industry. The company’s commitment to leveraging advanced hyperspectral imaging technology not only addresses pressing global challenges but also paves the way for informed decision-making across multiple sectors. As Pixxel moves forward with its ambitious plans for satellite deployment and software enhancement, it stands as a key player in shaping the future of Earth observation technology.

US-based venture capital firm Bitkraft Ventures is strengthening its presence in India’s burgeoning gaming industry by appointing Anuj Tandon, a seasoned gaming industry veteran, as a partner to lead its Indian operations. This strategic move underscores Bitkraft’s commitment to tapping into one of the fastest-growing gaming markets in the world.

Anuj Tandon’s Background

Tandon brings a wealth of experience to Bitkraft, having previously held key positions at JetSynthesys and Krafton. His extensive background includes nearly 15 years in the gaming sector, where he has excelled as an entrepreneur, executive, and investor. Most recently, he served as the CEO of JetSynthesys’ gaming unit, managing all its gaming assets and driving significant growth. Before that, he was the head of corporate development for Krafton in India and the MENA region, where he developed strategies and built an investment portfolio of local video game and esports startups.

Tandon’s impressive track record includes leading investments exceeding $135 million in various startups, such as mobile game development studios Nautilus Mobile and Lila Games, as well as esports firm Nodwin Gaming. His experience positions him well to identify and nurture promising gaming ventures in India.

Bitkraft’s Investment Strategy

Bitkraft’s third fund, launched in April 2023 with a corpus of $275 million, will be pivotal in supporting early-stage gaming and interactive media companies in India. The firm is actively exploring investment opportunities across various stages, from seed funding to Series B rounds. Tandon emphasized that while Bitkraft is known for its seed and Series A investments globally, their strategy for India will be customized to meet local market needs.

The Growth of India’s Gaming Industry

India’s gaming industry has witnessed remarkable growth in recent years, driven by factors such as increasing smartphone penetration, affordable data plans, and a rising young population. A report by Lumikai indicated that India’s paid gamer base surged to 148 million in FY24, with the industry generating revenues of $3.8 billion, marking a 22.6% growth from the previous year. This rapid expansion has attracted significant interest from global investors like Bitkraft.

As Tandon takes the helm of Bitkraft’s Indian operations, the firm aims to capitalize on India’s gaming potential by supporting innovative startups that are shaping the future of the industry. With a growing middle class and increasing disposable income, India is positioned competitively on the global stage for gaming.

Future Prospects

Bitkraft Ventures is not alone in recognizing India’s potential; other international investors are also making significant commitments to the market. For instance, Japanese mobile entertainment company Mixi recently launched a $50 million corporate venture capital fund dedicated to India, while Krafton has pledged approximately $290 million into Indian gaming startups over the next few years.

Tandon expressed optimism about the untapped potential within India’s gaming ecosystem: “Bitkraft sees India’s potential and is committed to supporting our games and interactive media industry leaders with early-stage funding. We anticipate a significant increase in deal activity in the coming years.”

Conclusion

With Anuj Tandon at the helm, Bitkraft Ventures is poised to strengthen its foothold in India’s dynamic gaming market. His extensive experience and network will be invaluable in identifying and nurturing innovative startups that have the potential to drive further growth in this thriving sector. As Bitkraft continues to invest strategically in early-stage companies, it aims to play a crucial role in shaping the future of gaming and interactive media in India.

Celesta Capital, a leading deep tech investment firm, has announced the appointment of Anand Chandrasekaran as a Managing Partner. With a distinguished career spanning over two decades, Chandrasekaran brings a wealth of experience in technology, entrepreneurship, and investment that will enhance Celesta’s strategic direction.

Career Highlights

Prior to joining Celesta, Chandrasekaran served as a Partner at General Catalyst, where he played a pivotal role in identifying and scaling transformative startups. His tenure at General Catalyst was marked by significant contributions to early-stage investments, particularly in the Indian and American markets. He has also held leadership positions at prominent companies such as Meta, Five9, Bharti Airtel, and Snapdeal.

• Meta: As Director of the Messenger Platform, he was instrumental in developing features that enhanced user engagement.
• Five9: As Executive Vice President of Products, he contributed to the company’s growth, which added $10 billion in market value since 2019.
• Bharti Airtel: As Chief Product Officer, he helped shape the mobile operator’s product strategy for its 300 million subscribers.
• Snapdeal: He served as Chief Product Officer at one of India’s leading e-commerce platforms.

Chandrasekaran is also known for his entrepreneurial spirit; he co-founded Aeroprise Inc., which was acquired by BMC Software. His extensive experience includes building five products that collectively grew to over 10 million users, with one product surpassing 1 billion users.

Vision for Celesta Capital

“I’m thrilled to join the talented team at Celesta Capital,” said Chandrasekaran. “Their passion for backing deep tech innovation aligns perfectly with my own. I look forward to contributing to the firm’s mission and fostering the growth of groundbreaking startups.” His addition to Celesta Capital’s team further strengthens the firm’s position as a leading investor in deep tech.

Impact on Celesta Capital

Chandrasekaran’s extensive network and insights into the tech landscape will be invaluable in identifying and nurturing promising startups. His background in both product development and venture capital positions him uniquely to bridge the gap between innovative ideas and market realities.

Founded in 2013, Celesta Capital has a strong track record of investing in early-stage deep tech companies across various sectors, including hardware, semiconductors, and artificial intelligence (AI). The firm aims to accelerate its growth and expand its investment portfolio under Chandrasekaran’s leadership.

Educational Background

Anand holds an M.S. in Electrical Engineering from Stanford University and a B.S. in Communications Engineering from PSG College of Technology in India. His accomplishments have been recognized globally; he was named a Young Global Leader by the World Economic Forum in 2010 and featured in Fortune’s ‘40 under 40’ list in 2017.

Conclusion

Anand Chandrasekaran’s appointment as Managing Partner at Celesta Capital marks a significant milestone for both him and the firm. With his wealth of experience and commitment to fostering innovation, he is poised to play a crucial role in shaping the future of deep tech investments. As Celesta Capital continues to support transformative startups, Chandrasekaran’s leadership is expected to drive impactful changes within the industry.