Open Cosmos raises $50m
The round also included Accenture Ventures, Banco Santander InnoEnergy Climate Tech Fund and Claret Capital Partners, with participation from Taavet Hinrikus and Kheng Nam Lee.
The funding will be used to accelerate the company’s growth internationally and expand its offering to encompass sophisticated satellites and constellations as well as satellite-based analytics and insight solutions.
Open Cosmos’ mission is to allow all organisations to access the benefits of satellite data and insights to address global issues such as the climate crisis, the energy transition or the sustainable use of natural resources.
Open Cosmos can deliver end-to-end telecommunications, Earth Observation (EO), navigation and scientific missions. It designs, builds, launches and operates advanced satellites through its OpenOrbit offering; enables organisations to access and share data via its mutualised OpenConstellation infrastructure and offers AI-powered data analysis from a growing range of satellite sources and analytic partners via its DataCosmos platform.
This not only lowers the costs, complexity, and timescales of missions, but it also simplifies access to EO data in a way that removes the barriers companies – even non-space customers – to address society’s most urgent challenges
Satellites have a range of use cases. Their onboard technology, when combined with AI applications, can measure greenhouse gases, while providing data on global temperature trends and can help monitor the extent of polar ice caps, sea levels, and ocean currents.
EO imagery provides enhanced coverage of forests, allowing for the detection of deforestation. During natural disasters, satellite imagery provides real-time data, helping to assess the extent of damage and coordinate relief efforts, while satellites equipped with specialised sensors can detect and monitor oil spills quickly before they are even visible from the ground.
60% of the 54 essential climate variables can be addressed by satellite data, with 21 requiring long time series and global coverage which can only be provided by satellites – and it’s why the EO satellite market is estimated to be worth $11.3 billion by 2031.
Open Cosmos satellites include Menut, which launched in January 2023 and delivers images monitoring deforestation, wildfire impact, flooding and coastal erosion. Some of the satellites due to launch in the next few months include:
MANTIS, funded through UKSA and in partnership with ESA, will produce high-resolution imagery to monitor logistics, energy infrastructure and natural resources
IOD6, in partnership with the Satellite Applications Catapult, which will focus on monitoring the Atlantic coastal and maritime areas
Platero, contributed by Spain, will combine Earth Observation and IoT on the same satellite to monitor biodiversity and provide real-time insights in the context of natural catastrophes
All three satellites feature a multi-sensor design, which will also enable them to join the OpenConstellation, whilst critical data gathered through their monitoring will become part of the DataCosmos platform.
Open Cosmos has a 100% success rate on all satellite missions it has launched to date and was recently selected by the National Commission for Aerospace Research and Development(CONIDA) to develop a data platform aimed at transforming geospatial data distribution in Peru following the success of DataCosmos. This will build on the platform’s work and facilitate access to diverse geospatial data for over 2,500 public institutions and private entities to revolutionise critical sectors and contribute to Peru’s sustainable development goals.
Founded in 2015, OpenCosmos had only raised $7 million in external funding before this round, thanks to its focus on commercialisation and organic growth.
Since year end 2020, the business has organically grown to become EBITDA positive, whilst at the same time doubling revenues year-on-year. This financial sustainability enabled Open Cosmos to raise fresh funding despite the difficult macroeconomic environment across all sectors.
Today, the company has a team of nearly 70 people distributed across the UK, Spain and Portugal and is looking to expand into Latin America, Middle East and Asia Pacific in due course.
As well, Open Cosmos is currently evaluating opportunities that complement this geographical expansion with acquisitions that enable inorganic growth both upstream and downstream.
Source from: https://www.shunlongwei.com/open-cosmos-raises-50m/