Insider Brief:
- PierSight, has secured $6 million in a seed funding round.
- With SAR and AIS integration, PierSight aims to provide real-time “eyes and ears” at sea, offering 30-minute interval monitoring capabilities.
- India’s spacetech market is poised to reach $77 billion by 2030, with the maritime sector contributing over $3.2 billion.
- Image credit: Inc42
Ahmedabad-based spacetech startup, PierSight, has secured $6 million in a seed funding round co-led by Alpha Wave Ventures and Elevation Capital, with participation from existing investor Techstars. Founded in 2023 by Gaurav Seth and Vinit Bansal, PierSight is on a mission to enhance maritime surveillance using a constellation of Synthetic Aperture Radar (SAR) and Automatic Identification System (AIS) integrated satellite technology.
The startup plans to utilize the newly raised capital to procure and test critical hardware, expand its team, and design and launch both demo and operational satellites. With SAR and AIS integration, PierSight aims to provide real-time “eyes and ears” at sea, offering 30-minute interval monitoring capabilities. This innovation is expected to benefit various sectors, including shipping, insurance, defense, coastguard, and the oil and gas industry.
PierSight’s focus includes designing and launching a demo satellite on ISRO’s PSLV Orbital Experimental Module (POEM) platform, along with deploying its first operational satellite. The startup has garnered support from Alpha Wave Ventures, citing the potential for a paradigm shift in the surveillance industry, and the ability to set new standards for sustainable marine resource usage.
The investment comes amidst a thriving Indian spacetech industry, with PierSight facing competition from companies like GalaxEye and Pixxel. The startup has gained access to Indian National Space Promotion and Authorization Centre’s (IN-SPACe) labs for satellite development and has been part of Techstars Space Accelerator program in the US. According to Matt Kozlov, MD of Techstars Space Accelerator, PierSight’s business pipeline has witnessed exponential growth both in the US and internationally since their initial investment.
As per Inc42’s research report, India’s spacetech market is poised to reach $77 billion by 2030, with the maritime sector contributing over $3.2 billion. PierSight’s innovative approach to persistent ocean monitoring holds the promise of catalyzing global efforts for sustainable marine resource usage and aligning with a future where technology, sustainability, and efficiency converge for the well-being of oceans and nations.
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