Ahmedabad-based spacetech startup PierSight, has raised $6 million in a new round led by Alpha Wave Ventures and Elevation Capital, and saw participation from existing investor Techstars. Co-founded in 2023 by Gaurav Seth and Vinit Bansal, PierSight is making waves in the maritime industry with its innovative satellite-based surveillance technology. The funds raised will be allocated towards critical areas such as hardware procurement, the design and launch of demo and operational satellites, and a significant expansion of the company’s talented team.
Maritime security, which has been a contentious issue for governments and corporates alike, has become an even more intensified area with recent incidents of commercial ships being hijacked. Rising global geopolitical tensions also contribute to an unsafe shipping environment in the oceans. Over 80% of the volume of international trade in goods is carried by sea, and the percentage is even higher for most developing countries, a recent UN report had said. This presents itself as a massive business opportunity, but one that has a slew of highly technical challenges.
Founded in 2023 by former ISRO scientist Gaurav Seth and ex-National Instruments Vinit Bansal, PierSight is looking to reshape maritime surveillance through a unique constellation of Synthetic Aperture Radar (SAR) and Automatic Identification System (AIS) integrated satellite technology, developed in-house. This cutting-edge approach allows for persistent and dynamic monitoring of human activity at sea, providing an invaluable resource for sectors such as shipping, insurance, defence, coastguard, and oil & gas that heavily rely on accurate maritime intelligence.
This recent funding success follows PierSight’s earlier accomplishment in September 2023 when it secured $600,000 in a pre-seed funding round led by All In Capital, alongside participation from Techstars and various angel investors. The startup, recognised as the only Indian company among the twelve global startups selected for the Techstars Space Accelerator’s fall cohort, is now gearing up for a groundbreaking milestone.
Within the next two years, PierSight plans to launch the world’s first commercial satellite that seamlessly integrates SAR and AIS capabilities. This technological advancement is expected to revolutionise maritime activity monitoring, offering real-time visibility at sea with impressive 30-minute intervals. Such a feat aligns seamlessly with the United Nations’ Sustainable Development Goal 14, which calls for conserving and sustainably utilising oceans and marine resources.
Read more at thetechportal.com
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