PierSight Secures $6 million investment to establish R&D team in India for satellite development

Satellite-based surveillance provider for the maritime industry, PierSight has raised $6 million in its seed funding round, co-led by Alpha Wave Ventures and Elevation Capital, with participation from existing investor Techstars. Headed by ex-ISRO scientist Gaurav Seth and Vinit Bansal, a former engineer at National Instruments, PierSight aims to tackle the challenge of constant ocean surveillance with multiple satellites.

Gaurav Seth, Co-Founder & CEO, PierSight said, “We plan to build a team, a great R&D team in India, which is building the satellites. So the $6 million will be used for setting up the team as well as the R&D facilities to develop our first satellite subsystems and we plan to have a launch in 2024 of a demo satellite.”

Pune-based health and fitness startup Fittr has raised ₹28 crore or about $3.5 million, in an extended Series A round from Rainmatter, a venture fund backed by Zerodha. This strategic funding injection will help Fittr enhance its technology, expand its service offerings, and fuel its global expansion initiatives.

The app has about 250,000 monthly active users and claims to have a community of over 3 million people. CNBC-TV18 spoke to its founder, Jitendra Chouksey, about the funding and the company’s plans ahead.

Oister Global, an investor in the VC and PE fund ecosystem, today announced that its assets under management crossed ₹100 crore in December, and it is now targeting to hit the ₹1,000 crore AUM mark in 2024 itself.

It plans to invest in about 20 more venture capital, venture debt, and private equity funds over the next 18 months. To talk about this new fund and the plans ahead, CNBC-TV18 spoke to Rohit Bhayana, the co-founder and co-CEO at Oister Global.