Tue. Oct 3rd, 2023
Open Cosmos Raises $50 Million to Expand and Develop Earth Observation Satellites

Open Cosmos, a smallsat developer based in the United Kingdom, has secured $50 million in a Series B funding round to support the company’s expansion plans and develop larger satellites and constellations focused on Earth observation. The funding round was led by ETF Partners, Trill Impact, and A&G, three funds that prioritize investments in companies that offer societal or environmental benefits.

The investment will enable Open Cosmos to grow internationally and establish a presence in regions such as Latin America, the Middle East, and the Asia Pacific. It will also allow the company to expand its current satellite offerings, which have primarily been cubesats, to larger spacecraft and constellations. Open Cosmos is also working on a satellite data analytics platform called DataCosmos.

Rafel Jorda Siquier, CEO and founder of Open Cosmos, emphasized the importance of partnering with investors who share the company’s mission and values of using technology to solve global problems. He expressed excitement about the investment, noting that it will accelerate growth, expand capabilities, and enable the delivery of cutting-edge solutions.

Open Cosmos has launched several smallsats to support various applications, including Earth observation, communications, and navigation. The company has additional satellites scheduled for launch by March 2023, with applications ranging from agriculture to disaster management. The funding will facilitate the transition to microsatellites and support the development of OpenConstellation, a satellite infrastructure that enables data sharing among organizations.

By offering cost-effective end-to-end fully managed missions and emphasizing agile development and global partnerships, Open Cosmos aims to differentiate itself in the competitive Earth observation sector. Investors were drawn to the company’s approach to collecting Earth observation data, recognizing its potential for positive impact, profitability, and technological innovation.

Prior to the Series B round, Open Cosmos had raised $7 million since its establishment in 2015. While the company did not disclose specific figures, it stated that its revenues have doubled annually since 2020. Open Cosmos also reported positive earnings before interest, taxes, depreciation, and amortization since 2021.