UK-based Open Cosmos, a space technology firm that focuses on creating satellites for solving global challenges, announced that it has raised $50M (€46.5M) in a Series B funding round, with contributions from ETF Partners, Trill Impact and A&G.
The funding round also saw participation from Accenture Ventures, Banco Santander InnoEnergy Climate Tech Fund and Claret Capital Partners, along with individual investors Taavet Hinrikus and Kheng Nam Lee.
Open Cosmos says the fresh funds will be used to speed up its expansion efforts on an international scale and broaden its offerings. This expansion includes developing advanced satellites and constellations, as well as satellite-based analytics and insight solutions.
Rafel Jorda Siquier, CEO and founder of Open Cosmos, says, “Since launch, we’ve viewed Open Cosmos as more than a space tech company; we are agents of change, harnessing the power of satellite data to drive meaningful impact on Earth.”
“Our successful Series B funding, with the support of such prominent ESG and impact investors, is a testament to our commitment to sustainability and innovation. It is important for us as a business to work with investors that believe in our mission and align with our values to use technology to solve urgent global problems and we’re delighted to find that with ETF Partners, Trill Impact and A&G,” he adds.
Open Cosmos’ strategic growth
Founded in 2015, OpenCosmos had only raised $7M from investors before this funding boost. Its success so far has come from focusing on growing its business organically and making it profitable.
The company’s commitment to financial sustainability bore fruit, with Open Cosmos achieving EBITDA positivity since the year-end of 2020 while doubling its annual revenues. This financial resilience has allowed Open Cosmos to secure additional funding, even amid the challenging macroeconomic conditions affecting industries worldwide.
Open Cosmos claims it is one of the select few companies globally with the capability to deliver comprehensive telecommunications, Earth Observation (EO), navigation and scientific missions. Its mission revolves around utilising satellite technology to simplify and democratise access to space and space-related data.
The company also aims to empower all types of organisations to harness the benefits of satellite data and insights. It enables them to address pressing global concerns, including the climate crisis, the transition to sustainable energy and the responsible use of natural resources.
Open Cosmos’ multifaceted approach includes designing, building, launching and operating advanced satellites through its OpenOrbit platform. It also facilitates data access and sharing through its mutualised OpenConstellation infrastructure.
Open Cosmos offers AI-powered data analysis from various satellite sources and analytic partners via its DataCosmos platform. The company says that this approach not only significantly reduces the costs, complexity and timelines associated with space missions but also simplifies access to EO data, eliminating barriers for both space and non-space enterprises to tackle some of society’s most critical challenges.
Currently, OpenCosmos has almost 70 people on its team spread across the UK, Spain, and Portugal. The company plans to expand into Latin America, the Middle East and the Asia-Pacific region, as well as explore opportunities to acquire businesses that can help it grow both in its existing operations and in new areas of the space industry.
Open Cosmos’ MENUT satellite
In January 2023, Open Cosmos launched MENUT, a satellite that delivers images monitoring deforestation, wildfires, flooding, and coastal erosion. More satellites are set to launch in the coming months.
Satellites have proven to be invaluable tools with diverse applications aided by onboard technology and AI capabilities. They play a crucial role in measuring greenhouse gases and tracking global temperature trends.
In times of natural disasters, satellite imagery offers real-time data that assists in assessing damage and coordinating relief efforts. Some specialised satellites are equipped with sensors that can quickly detect and monitor oil spills, even before they become visible from the ground.
Reports showed that 60 per cent of the 54 essential climate variables are addressable through satellite data. Twenty-one of these variables require long-term data series and global coverage, something only satellites can provide. The EO satellite market is estimated to reach $11.3 billion by 2031.
So far, Open Cosmos has achieved a 100 per cent success rate in all satellite missions launched. Following the success of the DataCosmos platform, Open Cosmos has also been chosen by the National Commission for Aerospace Research and Development (CONIDA) to develop a data platform aimed at revolutionising geospatial data distribution in Peru.
This initiative will provide diverse geospatial data to over 2,500 public institutions and private entities, contributing significantly to Peru’s sustainable development goals.
01
From port to startup fort: How Lars Crama is ‘Making it Happen’ in Rotterdam