Awais Ahmed, 26, becomes youngest entrepreneur to feature in Hurun Future Unicorn Index 2024

20 June 2024

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Srinagar: 26-year old Awais Ahmed has become the youngest Indian to feature in the prestigious Hurun India 2024 Unicorn Index, released on June 20 today.

Awais Ahmed is the founder and CEO of Pixxel, a cutting-edge space technology company focused on building a constellation of hyperspectral imaging satellites. Born in Aldur, a village in the Chikmagalur district of Karnataka, Awais grew up with a deep fascination for space and technology, which led him to pursue his education at BITS Pilani, where he studied Mathematics and Manufacturing Engineering. His passion for space was evident from a young age, and he was actively involved in space-related projects during his college years, including being a part of Hyperloop India, a finalist team in the SpaceX Hyperloop Pod Competition.

Pixxel, founded by Awais in 2019, aims to create the world’s highest-resolution hyperspectral satellites to monitor Earth’s health. The company’s mission is to provide affordable access to hyperspectral imaging, which can capture data across numerous wavelengths, offering detailed insights into various environmental and industrial applications. Pixxel’s satellites are designed to be significantly smaller and more cost-effective than traditional satellites, enabling broader access to high-quality hyperspectral data.

According to the Hurun India report released on Thursday, only three startups turned unicorns this year (valuation of over $1 billion each), including quick commerce startup Zepto, fintech startup InCred Finance, and logistics startup Porter.

The list categorises startups as unicorns — startups founded after 2000 with a valuation of $1 billion); gazelles — startups that are most likely to turn unicorn in the next three years; and cheetahs — startups that could turn unicorn in the next five years.

SaaS and HR tech startup Darwinbox, which was a unicorn earlier, was demoted as gazelle in 2024.

Overall, India is currently home to 67 unicorns, 46 gazelles, and 106 cheetahs, as against 68 unicorns, 51 gazelles, and 96 cheetahs in the 2023 index. There are 38 new entrants — seven gazelles and 31 cheetahs — in this year’s list. Kshirij Khandelwal also 26 figures at nunber 2 in the list.

Under Awais Ahmed’s leadership, Pixxel has achieved several significant milestones. The company successfully launched its first hyperspectral imaging satellite, Shakuntala, in April 2022, making it India’s first private commercial imaging satellite. This launch was followed by a Series A funding round of $27 million led by Radical Ventures, along with investments from Blume Ventures and LightSpeed.

Pixxel’s technology is designed to cater to various industries, including agriculture, mining, oil and gas, and environmental monitoring. For instance, their data helps agriculture companies create nutrient maps to optimize crop production and monitor pest infestations and irrigation levels. In the mining and oil sectors, Pixxel’s imaging technology aids in detecting leaks and minimizing environmental impact. The company’s satellites also play a crucial role in environmental and climate monitoring, assisting governments and NGOs in tracking afforestation efforts and other ecological initiatives.

The company’s ambitious plans include the deployment of the Firefly constellation, starting with six satellites scheduled for launch with SpaceX. These satellites will provide global revisit capabilities, allowing for daily monitoring of the Earth’s surface. Pixxel’s ultimate goal is to expand this constellation to 24 satellites, ensuring comprehensive coverage and enhanced data collection capabilities. This expansion is driven by the miniaturization of sensor technology, enabling Pixxel to build satellites that are both smaller and more efficient than their larger counterparts.

Pixxel has also secured a significant five-year contract with the U.S. National Reconnaissance Office, highlighting the global demand and trust in their technology. The company’s client base spans various regions, with significant representation in North America, Europe, and parts of Asia and Australia. Their clients include agricultural firms, environmental organizations, and government bodies, all benefiting from Pixxel’s advanced imaging capabilities.