PierSight, a satellite-based surveillance provider for the maritime industry, today announced the closing of a $6 million seed funding round co-led by Alpha Wave Ventures and Elevation Capital with participation from existing backer Techstars.
Previously, the spacetech startup had raised $600K in a pre-seed round led by All In Capital in September last year.
The fresh funding will be used for the procurement and testing of critical hardware, the design and launch of demo and operational satellites, and to expand the team.
Founded by Gaurav Seth and Vinit Bansal, PierSight is building a constellation of SAR and AIS satellites to provide persistent ocean monitoring. Its satellites will provide 100% coverage and persistent monitoring in all weather conditions across day and night.
The firm is dedicated to solving challenges in maritime security, environmental monitoring, and maritime operations faced by governments, private companies, and non-governmental organizations.
The startup plans to focus on the design and launch of a demo satellite on ISRO’s PSLV Orbital Experimental Module (POEM) platform, along with the deployment of its first operational satellite.
Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Dhruva, Vesta Space, Digantara, and InspeCity are among the few of the space technology companies that have raised notable amounts of capital in the past couple of years.
