Fri. Sep 29th, 2023
Open Cosmos Raises €47 Million in Series B Funding for SpaceTech Business

Open Cosmos, a spacetech company based in Harwell, has successfully secured €47 million in Series B funding from impact investors. The funding round was led by ETF Partners, Trill Impact, and A&G, with participation from other investors such as Accenture Ventures, Banco Santander InnoEnergy Climate Tech Fund, and Claret Capital Partners.

The funding will be used to drive the international growth of Open Cosmos and expand its offerings. The company aims to develop more sophisticated satellites and constellations, as well as satellite-based analytics and insight solutions. Open Cosmos aims to democratize access to space and space data by utilizing the power of satellites.

The CEO and Founder of Open Cosmos, Rafel Jorda Siquier, expressed the company’s commitment to sustainability and innovation. He noted that the funding from prominent ESG and impact investors further validates their mission to address global challenges using satellite data. The investment will fuel the company’s growth, enhance its capabilities, and provide cutting-edge solutions.

Open Cosmos is known for its ability to deliver end-to-end telecommunications, Earth Observation (EO), navigation, and scientific missions. The company designs, builds, launches, and operates advanced satellites through its OpenOrbit offering. It also enables organizations to access and share data via its OpenConstellation infrastructure and provides AI-powered data analysis through its DataCosmos platform.

Despite the challenging macroeconomic environment, Open Cosmos has shown financial sustainability by becoming EBITDA positive and doubling revenues year-on-year. The company currently has nearly 70 employees and plans to expand into Latin America, Middle East, and Asia Pacific. Open Cosmos is also considering acquisitions to complement its geographical expansion and achieve inorganic growth.

Patrick Sheehan, Managing Partner at ETF Partners, highlighted Open Cosmos’ technological innovation and its role in sustaining the planet’s health and prosperity. He expressed excitement about the partnership and its potential for profitable investment.

Satellites have various use cases with significant impact. Combined with AI applications, they can measure greenhouse gases, monitor climate trends, assess deforestation, provide real-time data during natural disasters, and detect oil spills. Satellite data can address 60% of essential climate variables and is estimated to drive an $11.3 billion market for Earth Observation satellites by 2031.