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Space tech startup Open Cosmos rockets ahead with £40m round

Open Cosmos space
Image credit: Open Cosmos

Oxfordshire-based space tech company Open Cosmos has raised $50m (£40m) to support the development of its satellites that provide organisations access to data on climate change and sustainable natural resources.

Founded in 2015, Open Cosmos designs builds, launches, operates and maintains its satellites through its OpenOrbit division. Other divisions in the company include OpenConstellation, which facilitates the sharing of data with organisations and DataCosmos, which offers analysis and insights based on the data.

“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,” said Rafel Jorda Siquier, founder and CEO of Open Cosmos and an alumnus of Entrepreneur First’s 2015 incubator programme.

In January, the company’s Menut satellite hitched a ride on a rocket launched by Elon Musk’s SpaceX to monitor deforestation, wildfire impact, flooding and coastal erosion.

The Series B round, made up of both equity and debt financing, was led by ETF Partners, Trill Impact and A&G. Other participants in the round included Accenture Ventures, the Banco Santander InnoEnergy Climate Tech Fund and Claret Capital Partners. Angel investors included Wise co-founder Taavet Hinrikus and GGV Capital’s Kheng Nam Lee.

“Space data has always been an important means of understanding planet Earth, but it is only with its increasing affordability, the amplifying effects of climate change and the rapidly growing number of AI/ML solutions that extract insights from this data that the market is now ready to reach its full potential,” said Toba Spiegel, investment manager at Trill Impact.

“Open Cosmos is the leader in providing multi-sensor space data at an affordable cost and the first to create an app store-like analytics offering.”

Prior to this round, Open Cosmos raised $7m in external funding in 2018, led by BGF Ventures and supported by LocalGlobe, Entrepreneur First and Wise’s Hinrikus.