Satellite-based Survilience Provider PierSight Secures $6 Mn in Seed Round Led by Alpha Wave Ventures and Elevation Capital

PierSight Secures $6M in Seed Funding to Revolutionize Maritime Surveillance with Cutting-Edge Satellite Technology

The company is poised to accelerate its growth trajectory to provide persistent surveillance for the maritime industry.

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.

Earlier in September last year, PierSight had raised $600K in a pre-seed round led by All In Capital, along with participation from entrepreneurs, angel investors such as Andreas Klinger, Vismay Agrawal, and Nikunj Jalan, amongst others.

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.

Gaurav Seth and Vinit Bansal at NASA JPL 3

“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.”

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.

Ex-Chandrayaan-2 Scientist's SpaceTech Start-up PierSight Raises $600K in Pre-seed Funding

• PierSight aims to build near real-time visibility for all human activity at sea
• All In Capital has led the round with an infusion of $200K

PierSight, a pioneering start-up in the field of ocean surveillance, has raised $600K in a pre-seed round led by All In Capital. Along with an investment of $200K from All In Capital, the round also saw participation from entrepreneurs, angel investors such as Andreas Klinger, Vismay Agrawal, and Nikunj Jalan, amongst others. The globally renowned early-stage start-up investment firm and accelerator Techstars also participated in the round.

Co-founded by Gaurav Seth (Ex-ISRO), who was instrumental in the launch of India's lunar mission Chandrayaan-2, and Vinit Bansal (Ex-National Instruments), PierSight is on a mission to provide persistent ocean surveillance through a constellation of Synthetic Aperture Radar (SAR) Imaging and Automatic Identification System (AIS) satellites. PierSight’s central objective is to provide continuous monitoring of maritime operations in 30-minute intervals, a service unparalleled in the industry. Notably, this innovative Ahmedabad-based startup has earned distinction as the sole Indian company and one of 12 global start-ups selected to join the esteemed fall cohort of the Techstars Space Accelerator. Selection in this accelerator program, conducted in partnership with NASA's Jet Propulsion Laboratory and the United States Space Force, validates PierSight's exceptional potential and commitment to advancing the frontiers of maritime monitoring technology.

PierSight will deploy funding towards advancing its satellite subsystems by strengthening its talent pool and procuring essential electronic components for integration and comprehensive testing. One of PierSight’s top-most priorities is to enhance its Technology Readiness Level. In addition, it is also looking to partner with social and environmental agencies for solutioning, developing prototypes, and collaboration on studies.

(L-R) – Gaurav Seth & Vinit Bansal, Co-founders, PierSight

Speaking on the funding, Gaurav Seth, Co-founder & CEO, PierSight said, “Our engagements span a diverse spectrum of clients, encompassing island nations, government commerce divisions, and environmental agencies, all of whom share a pressing concern about the pervasive exploitation of Exclusive Economic Zones. Our innovative approach combines Synthetic Aperture Radar (SAR) and Automatic Identification System (AIS) technologies deployed via satellite, providing a comprehensive solution to address this complex problem.”

Over the next two years, PierSight is poised to achieve a groundbreaking milestone with the launch of the world's first commercial satellite integrating SAR and AIS capabilities. This significant advancement in technology will enable the start-up to monitor maritime activity with unprecedented frequency, offering 30-minute intervals of real-time visibility at sea. PierSight’s commitment to this endeavour is fully aligned with the United Nations’ Sustainable Development Goal 14, which underscores the importance of conserving and sustainably utilising oceans and marine resources for the benefit of present and future generations.

To recall, in March of last year Tapan Misra, a retired Indian scientist and former director of Space Applications Centre- ISRO, announced "Sisir Radar Private Limited", a space technology startup co-founded by him. Sisir Radar is in making synthetic aperture radars (SAR) that can be fixed on drones for imaging smaller land areas. 

Commenting on the investment, Kushal Bhagia, Founder, All In Capital, said “Maritime surveillance presents an immense global challenge due to widespread issues such as illegal fishing, contraband smuggling, terrorism, and environmental offences like oil spills. Monitoring activities across the vast expanses of the ocean is a monumental task for humans alone. Therefore, we were incredibly enthused to learn about PierSight's innovative solution to this problem — commercialising defence technology like Synthetic Aperture Radar (SAR) to oversee every vessel, everywhere, around the clock. PierSight stands out as an extraordinary combination of profound technical expertise and sharp business insight. We are particularly excited about their pioneering approach in harnessing defence technology, specifically SAR, to achieve persistent ship monitoring.”

Kushal Bhagia, Co-Founder, All In Capital

Co-founded by Kushal Bhagia and Aditya Singh, All In Capital has a track record of backing over 40 start-ups at their earliest stages in the past year. Their founder-centric approach and unwavering commitment to providing invaluable support align perfectly with PierSight's vision and goals.

All In Capital, a leading player in the early-stage investment landscape is dedicated to nurturing Indian entrepreneurs at the pre-seed stage. Co-founded by Kushal Bhagia and Aditya Singh, All In Capital's approach is underpinned by a commitment to fostering a founder-centric culture, placing a premium on providing invaluable support where it truly matters. They have backed 40+ companies since last year as their earliest believers. Looking ahead, All In Capital is poised to identify and invest in 20 of the most promising companies in the next 12 months.

PierSight provides persistent ocean surveillance through a constellation of Synthetic Aperture Radar (SAR) Imaging and AIS satellites. SAR allows for high-precision imaging in all weather conditions and even at night. PierSight is being built by Gaurav Seth (Ex-ISRO) and Vinit Bansal (Ex-National Instruments).