The company is poised to accelerate its growth trajectory to provide persistent surveillance for the maritime industry.
Ahmedabad, January , 2024: 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 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.
“Illegal fishing causes direct losses of $24 billion annually. Oil spills are difficult to monitor and combat, and are destroying delicate ecosystems. Terrorist infiltrations via sea are extremely hard to detect even for the most sophisticated of coastguards and naval forces. 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, Cofounder & CEO and Vinit Bansal, Co-founder and CTO, PierSight. “In order to make situational awareness default, we are in advanced conversations with several government agencies, coastguards, ship liners, shipping insurance providers, and non-government environmental agencies who are aligned with our mission.”
PierSight 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. This fresh capital underscores strong confidence in PierSight’s vision to transform ocean monitoring and the maritime industry, which has historically grappled with limitations in tracking and visibility. With its SAR and AIS integration, PierSight’s technology will provide “eyes and ears” at sea, offering unparalleled 30-minute interval monitoring capabilities to shipping, insurance, defense, coastguard, oil & gas, and other organizations that rely on maritime intelligence.
This funding comes on the heels of a period of rapid growth for PierSight, positioning the company to further accelerate its trajectory to provide global maritime surveillance. PierSight 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. The company’s dynamic team is also set to expand, with plans to more than double its members in the coming year across various experience levels to fill roles in multiple functions, from electronics design, mechanical and thermal, mission design, SAR data processing, among others.
“What we liked about Piersight was the paradigm change that could be brought about to the Industry of Surveillance as we know it today. If successful, this endeavor can set a new industry standard and catalyze global efforts for sustainable marine resources usage, better oceanic logistics infra 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 a formidable moat of being the lowest cost operator in the broader sector is what excites us. Alpha Wave has been an early backer of SpaceX and our first space investment is a testament to our belief in the ability of the high-pedigreed duo of Gaurav and Vinit as they embark on this exciting mission.” said Navroz D Udwadia, Co-founder, Alpha Wave Ventures
“India has made rapid progress in Spacetech in a short period of time and is poised to accelerate dramatically to become a true world leader in this industry. At Elevation Capital, we’re thrilled to be part of this thriving momentum and are excited to partner with PierSight in developing a constellation of SAR satellites. We foresee a robust platform for persistent maritime monitoring, which will be used by multiple organizations. Our partnership with PierSight embodies our steadfast confidence in Gaurav and Vinit as industry veterans, leading a team that leverages their deep industry experience to redefine the boundaries of SpaceTech innovation,” said Mayank Khanduja, Partner, Elevation Capital.
“PierSight stood out immediately when we were evaluating companies for the Techstars Space program. Gaurav and Vinit have remarkable backgrounds in the space sector, and are extraordinary entrepreneurs,” said Matt Kozlov, Managing Director of Techstars Space Accelerator. “In the three months since we invested in PierSight, the company’s pipeline of business both in the US and internationally has grown exponentially.”
PierSight’s journey is supported by a network of advisors including Kristi Bradford, Sherman Williams, and Andre Wilson. 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.