IT services firm Accenture has made a strategic investment, via Accenture Ventures, in Pixxel, a startup specialising in cutting-edge earth imaging technology.
Based in Bengaluru with a presence in Los Angeles, Pixxel is building high resolution 'hyperspectral' imaging satellite constellation to offer industry AI (Artificial Intelligence) powered insights that discover, solve and predict climate issues at a fraction of the cost of traditional satellites, a statement said.
The terms and financial details of the investment were not disclosed.
Pixxel's satellites have the ability to capture images and reveal key data about the health of the planet.
The company's planned constellation of 'hyperspectral' satellites will reshape how businesses across agriculture, defence, mining, environmental, and other critical industries make decisions on a global level to reduce their environmental impact.
'Hyperspectral' imaging collates and processes information across vast portions of the electromagnetic spectrum.
"The data from Pixxel's satellites provides 8X more information and 50X better resolution than existing in-market options," the statement 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 (SSO) around a 550 km altitude, Pixxel's hyperspectral constellation will be able to cover any point on the globe every 48 hours.
With more satellites scheduled to launch in late 2023, Pixxel expects to achieve daily global coverage by early 2024.
The learnings from the data beamed down by the constellation will provide a global perspective of planetary-scale ecosystems and biospheres that will be used to create an AI-informed analysis platform and a digital twin of the earth, the company explained.
"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," Tom Lounibos, Managing Director, Accenture Ventures, said.
Accenture's investment in Pixxel follows a $25 million funding round the company announced in March 2022 and the launch of their first satellite as part of SpaceX's April Transporter-4 payload.
So far, over 50 customers have signed pre-launch pacts with Pixxel from industries spanning agriculture, oil and gas, mining, and climate sectors.
Pixxel is the latest company to join Accenture Ventures' Project Spotlight, an engagement and investment programme focused on investing in companies that create or apply disruptive enterprise technologies.
Besides funding, Project Spotlight connects emerging technology software startups with the Global 2000 to fill strategic innovation gaps and offers access to Accenture's domain expertise and enterprise clients.
"Accenture's global reach and support will help accelerate our ambitious mission to create a health monitor for the Earth and leverage our technology to address some of the most pressing issues facing our planet," Pixxel CEO and co-founder Awais Ahmed said.
