PierSight, a satellite-based surveillance provider for the maritime industry, has raised $6 million in a seed funding round co-led by Alpha Wave Ventures and Elevation Capital, along with participation from existing investor Techstars.
The 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 company’s world-class team, said the company.
At present, it is creating a persistent and dynamic view of all human activity at sea through a constellation of synthetic aperture radar (SAR) and automatic identification system (AIS) integrated satellite technology.
SAR, AIS tech
Ocean monitoring and the maritime industry have historically grappled with limitations in tracking and visibility. With its SAR and AIS integration, the technology will provide eyes and ears at sea, offering unparalleled 30-minute interval monitoring capabilities to shipping, insurance, defence, coastguard, oil & gas, and other organisations that rely on maritime intelligence, the company said.
Persistent monitoring unlocks capabilities that weren’t previously available. Unlike traditional Earth observation solutions, which are incremental, this is a step-function change,” said Gaurav Seth, co-founder and CEO, and Vinit Bansal, co-founder and CTO, PierSight.
It also 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. Additionally, it plans to more than double its headcount in the coming year.
“If successful, this endeavour can set a new industry standard, catalyse global efforts for sustainable marine resource usage and better oceanic logistics infrastructure, and overall align perfectly with a future where technology, sustainability, and efficiencies converge for the well-being of our oceans and nations. The ability to do this while also being able to form the formidable moat of being the lowest-cost operator in the broader sector is what excites us,” said Navroz D Udwadia, co-founder of Alpha Wave Ventures
Moreover, “In the three months since we invested in PierSight, the company’s pipeline of business both in the US and internationally has grown exponentially,” added Matt Kozlov, Managing Director of Techstars Space Accelerator.
Further, the company’s participation in the Techstars Space Accelerator program has enabled access to the global space industry. PierSight has also secured access to IN-SPACe’s labs for satellite development under the mentorship of Rajeev Jyoti, Technical Director at IN-SPACe.