PierSight, a spacetech startup based in Ahmedabad, has successfully raised $6 million in its seed funding round, with key investments led by Alpha Wave Ventures and Elevation Capital, along with participation from Techstars, an existing investor. The startup, founded in 2023 by Gaurav Seth and Vinit Bansal, focuses on satellite-based surveillance for the maritime industry, aiming to establish a constellation of Synthetic Aperture Radar (SAR) and Automatic Identification System (AIS) integrated satellites for continuous ocean monitoring.
The funds raised will be allocated to crucial areas, including the acquisition and testing of critical hardware, expansion of the workforce, and the development and launch of both demonstration and operational satellites. PierSight aims to enhance its capabilities in providing comprehensive maritime intelligence with a unique 30-minute interval monitoring service.
Mission and Technology
PierSight addresses critical challenges in maritime security, including illegal fishing, oil spills, and terrorist infiltrations. The startup’s technology combines SAR and AIS technologies to enable persistent monitoring, presenting a significant leap forward in comparison to traditional Earth observation solutions. The immediate focus includes designing and launching a demonstration satellite on ISRO’s PSLV Orbital Experimental Module (POEM) platform and deploying the first operational satellite.
Investors, including Alpha Wave Ventures and Techstars, expressed enthusiasm for PierSight’s potential impact on the surveillance industry. Navroz D Udwadia from Alpha Wave Ventures believes that PierSight’s success could set a new industry standard and catalyze global efforts for sustainable marine resource usage.
Growing Interest in India’s Spacetech Industry
The investment in PierSight reflects the increasing interest and investments in India’s spacetech industry. With competition from other players like GalaxEye and Pixxel, PierSight has gained access to IN-SPACe’s labs for satellite development under the mentorship of Rajeev Jyoti, technical director at the nodal agency.
Having participated in Techstars Space Accelerator program in the US and receiving funding from Techstars, PierSight has experienced significant growth in its business pipeline both domestically and internationally, as highlighted by Matt Kozlov, MD of Techstars Space Accelerator.
Market Potential and Projections
Inc42’s research report projects India’s total spacetech market opportunity to reach $77 billion by 2030, with the maritime sector expected to account for over $3.2 billion. This underlines the substantial market potential for innovative solutions in maritime surveillance, positioning PierSight at the forefront of a sector with increasing significance.
PierSight’s successful seed funding round not only provides the necessary financial support for the startup’s ambitious plans but also signifies the growing interest and investments in India’s spacetech industry. With a unique focus on maritime surveillance, PierSight aims to leverage its technology to address crucial challenges, potentially setting new standards in the industry and contributing to sustainable marine resource usage.