07 November 2019, India:
Geospatial analytics-as-a-service firm Ursa Space has raised $15 million in Series B round of funding. The funding round was led by Razor’s Edge Ventures.
Citi, New York Ventures, a division of Empire State Development, Paladin Capital Group, RRE Ventures and S&P Global Inc also participated in the funding round.
The company will use the fresh funds to further support its growing customer base and expand into new vertical markets to serve the rapidly evolving needs and high demand for satellite data and analytics.
Adam Maher, co-founder and CEO, said, “Since Ursa’s founding, global businesses in the energy and finance sectors have relied on our comprehensive and timely analytics to make strategic decisions.”
Adam Maher, added, “As Ursa continues to build on our technology, we’ve identified a number of other opportunities to pursue high-value markets and customers that have not historically leveraged the power of SAR and would benefit from these insights. This round of capital will support Ursa’s vision of turning data into impact.”
Mark Spoto, Managing Director of Razor’s Edge, said, “While governments have utilized and recognized the value of SAR imagery for several decades, it has not been until recently that this data is sufficiently timely and cost-efficient to drive real commercial market opportunities.”
Mark Spoto, added, “Ursa’s decision to pursue a ‘data first’ approach, synergistically integrating datasets from numerous data providers that have come to market over the last several years, made this investment opportunity compelling. The insights that can be derived from Ursa’s ‘virtual constellation’ will drive significant new business in multiple enterprise market verticals.”
Eric Gertler, Acting Commissioner and President & CEO-designate, Empire State Development, said, “New and innovative startups throughout New York State are making use of cutting-edge technology to provide services in a modern, diversified economy. Ursa’s commercial use of SAR imagery will fill an economic niche with help from a New York Ventures investment.”
Will Porteous, General Partner and COO of RRE Ventures, said, “The satellite industry is undergoing a dramatic transformation, not unlike what happened in enterprise computing 20 years ago.”
Will Porteous, added, “Open interfaces and data fusion are enabling a massive amount of value to be defined in software. Ursa is leading the industry in this approach and we are proud to be associated with the company.”
(Image – Ursa)