In a groundbreaking move, UK-based space technology startup, Open Cosmos, has successfully raised $50 million in a recent funding round.
In a groundbreaking move, UK-based space technology startup, Open Cosmos, has successfully raised $50 million in a recent funding round. This significant infusion of capital marks a substantial leap for the company, which had previously garnered $7 million in external funding since its inception in 2015.
Open Cosmos stands out in the space industry by employing small satellites to gather vital data concerning climate change. Their satellites meticulously assess atmospheric conditions, monitor polar ice cap extents, sea levels, and deforestation, among other critical environmental metrics. The company then transforms this data into actionable insights, empowering users in areas like energy transition and natural resource management.
CEO and Founder of Open Cosmos, Rafel Jorda Siquier, emphasized the company’s distinctive approach, stating, “We’re quite an unusual space company, yes we do satellites but it’s also about the data.” He further highlighted that the significant progress witnessed in recent years is the culmination of eight years of dedicated work.
Since becoming EBITDA positive at the close of 2020, Open Cosmos has made impressive strides in the industry. The Series B funding round, which brought in $50 million, was led by prominent investors including ETF Partners, Trill Impact, and A&G. Additionally, it saw participation from esteemed entities such as Accenture Ventures, Banco Santander InnoEnergy Climate Tech Fund, IREON, Wille Finance, Claret Capital Partners, and InQTe. Notable figures like Wise cofounder Taavet Hinrikus and GGV Capital investor Kheng Nam Lee also joined in the round.
Siquier elucidated their prudent approach to funding, stating, “We are delivering hardware, one of the most capital intensive things but we wanted to make sure we had proper product market fit for all our verticals as we like to put the money behind what we know is working.”
With this fresh influx of capital, Open Cosmos is poised for a significant expansion. The company plans to bolster its business development and marketing teams, enhance its data offerings, and embark on an international expansion drive. CEO Siquier has set his sights on the United States and South America as key target markets for growth.
Open Cosmos’s innovative use of satellite technology to combat climate change has garnered significant attention, and this latest funding round reinforces their position as pioneers in the field of environmental data collection through space technology. As the company enters this new phase of expansion, the impact of their work on climate monitoring is expected to be even more far-reaching and transformative.