Accenture has made a strategic investment, through its investment arm Accenture Ventures, in Bengaluru-based earth-imaging technology and satellite company Pixxel.
The terms of the deal were not made public. Pixxel is building the world’s highest resolution hyperspectral imaging satellite constellation in order to offer industry AI-powered insights that discover, solve and predict climate issues at a lower cost compared to traditional satellites, according to the Dublin-based IT major’s press release.
The company's planned constellation of hyperspectral satellites will reshape how businesses across agriculture, defense, mining, environmental, and other critical industries make decisions on a global level to reduce their environmental impact. The data from Pixxel’s satellites provides 8 times more information and 50 times better resolution than existing in-market options, the release said.
Pixxel’s first commercial phase satellites are scheduled to be launched in early 2023 along with the commercial sale of its data. With six satellites flown in a sun-synchronous orbit around a 550 km altitude, Pixxel’s hyperspectral constellation will be able to cover any point on the globe every 48 hours.
“We continue to take great interest in startups within the burgeoning space industry, which some have forecasted will reach $1 trillion in revenue by the year 2040, and Pixxel is a particularly exciting company sitting at the intersection of space technology and sustainability,” said Tom Lounibos, managing director, Accenture Ventures.
The start-up had raised $25 million in a Series A round led by Toronto-based Radical Ventures in March this year, calling it the largest-ever fundraise in the spacetech domain.
Pixxel is the latest company to join Accenture Ventures’ Project Spotlight–investment program focused on investing in companies that create “disruptive” enterprise technologies.