Open Cosmos, a space tech business, has announced that it has raised $50 million in funding. The company aims to make satellite data more accessible to address pressing global challenges such as climate change, humanitarian disasters, and resource management.

Open Cosmos simplifies and democratizes access to space and space data by using satellites. Their mission is to enable all organizations to benefit from satellite data and insights. The company offers end-to-end telecommunications, Earth Observation (EO), navigation, and scientific missions. Through their OpenConstellation infrastructure, they provide data access to other companies and use AI-powered analysis to derive insights.

This approach has multiple benefits. It reduces costs, complexity, and timelines for missions while making data accessible to a wider range of companies, including non-space customers, for tackling critical societal challenges.

Satellite data has become a valuable tool for companies on Earth in addressing various issues. From measuring greenhouse gases and monitoring global temperature trends to assessing deforestation and providing real-time data during natural disasters, satellites equipped with AI applications offer a range of impactful use cases. Additionally, satellites with specialized sensors can detect and monitor oil spills before they are visible from the ground.

Satellite data plays a crucial role in climate monitoring, with 60% of the essential climate variables addressable through this data. These variables, including long time series and global coverage, can only be provided by satellites. As a result, the Earth Observation satellite market is projected to reach a value of $11.3 billion by 2031.

With the $50 million raised, Open Cosmos aims to further democratize access to satellite data and drive innovation in solving global challenges. Their mission to make satellite data accessible to all organizations will contribute to addressing pressing issues and promoting sustainable solutions.