Seraphim backs Pixxel with $25M follow-on from £137M C Share raise
What's the deal? SeraphimDealroom has a profile for this one. Try Dealroom → Space Investment Trust plc has invested $25 million (£18.6 million) into Pixxel, a hyperspectral Earth observation company, as part of the first deployment of capital from its £137 million C Share issue.
What does Pixxel do? The company builds and operates what it believes to be the world's highest-resolution commercial hyperspectral Earth observation constellation, backed by its AI-powered Aurora analytics platform. Its satellites capture data across hundreds of spectral bands, serving customers in agriculture, mining, energy, environmental monitoring, disaster response, and national security.
Why now? The growth equity round follows SSIT's £137 million C Share fundraising in May, closed in August 2026. It comes as a quick re-raise for a company Seraphim first backed in 2022.
What's the endgame? Since that first investment, Pixxel has grown from a hyperspectral satellite maker into a vertically integrated space infrastructure business with operations in the US and India. It has launched its first constellation, built in-house satellite manufacturing, and secured Indian government contracts.
The bigger picture: Seraphim also deployed $3.6 million (£2.7 million) into Zeno Power, a radioisotope power systems developer, taking total deployment to $28.6 million (£21.3 million). Both are existing Ordinary Share portfolio companies.
The investor's view: "These investments mark an important milestone in the execution of the strategy outlined as part of our successful £137 million C Share fundraising in May," said Mark Boggett, chief executive officer of Seraphim Space Manager LLPDealroom has a profile for this one. Try Dealroom →. He added that Pixxel benefits from "the increasing importance of sovereign space capabilities and India's emergence as a major force in the global SpaceTech market."
The signal: The follow-on reflects growing investor appetite for sovereign and defence-linked space infrastructure. Seraphim, which describes itself as the world's first listed SpaceTech investment company, plans to convert part of its C Shares into Ordinary Shares as it deploys the remaining proceeds.
Read more: Investegate
Image credit: NASA Goddard Photo and Video
