Open Cosmos Raises $50M to Democratize Space Data and Tackle Global Challenges

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Open Cosmos, a leading space tech company, has raised $50 million in a recent financing round to further its mission of democratizing access to space data and tackling global challenges such as climate change, humanitarian disasters, and resource management. Trill Impact Ventures, along with ETF Partners and A&G’s Energy Transition Tech Fund, co-led the funding round, which will support Open Cosmos’ commercial growth, international expansion, and innovation.

Open Cosmos has been at the forefront of designing, building, and operating cost-efficient satellites since its launch in 2015. The company offers full space mission services and aims to simplify access to space and space data. As part of its vision, Open Cosmos provides satellite constellations with shared data capacity and a customer-facing software platform called Data Cosmos. This platform allows users to procure and produce valuable data insights by integrating case-specific AI applications provided by a network of analytics partners. This approach enables Open Cosmos to address various use cases at a low cost and within a short time frame, positioning the company for success in the rapidly growing space data market.

Despite the challenging macroeconomic environment, Open Cosmos has demonstrated financial sustainability, becoming EBITDA positive and doubling its revenues year-on-year since the end of 2020. The company currently employs nearly 70 people across the UK, Spain, and Portugal, and it plans to expand into Latin America, the Middle East, and Asia Pacific. Open Cosmos is also exploring acquisition opportunities to accelerate its growth geographically and in terms of its upstream and downstream operations.

The investment from Trill Impact Ventures and other prominent ESG and impact investors is a testament to Open Cosmos’ commitment to sustainability and innovation. The company views itself as more than just a space tech company; it sees itself as an agent of change that utilizes satellite data to drive meaningful impact on Earth.

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In addition to the financing, representatives from Trill Impact Advisory, ETF Partners, and A&G will join Open Cosmos’ board of directors, further enhancing the company’s strategic guidance and expertise.

The global challenges of climate change and societal issues require immediate attention, and satellites play a crucial role in monitoring and addressing these issues. Open Cosmos acts as an Impact Enabler by providing researchers, institutions, governments, and companies with data and insights to make informed decisions and address climate change and societal challenges. For example, Open Cosmos’ satellite data is already used in areas linked to multiple Sustainable Development Goals (SDGs), such as agriculture and biodiversity, forestry, and emergency management and humanitarian aid.

By democratizing access to satellite data and accelerating its availability, Open Cosmos enables impact at scale, creating opportunities for biodiversity preservation, agritech solution optimization, carbon stock monitoring, deforestation and degradation prevention, emergency response planning, and post-event analysis.

In conclusion, Open Cosmos’ successful financing round will pave the way for its continued growth and innovation in the space tech industry. With the support of prominent ESG and impact investors, the company is well-positioned to drive positive change by harnessing the power of satellite data and addressing pressing global challenges. By democratizing access to space data, Open Cosmos aims to make a meaningful impact on our planet and pave the way for a sustainable future.

Frequently Asked Questions (FAQs) Related to the Above News

What is Open Cosmos?

Open Cosmos is a leading space tech company that specializes in designing, building, and operating cost-efficient satellites. They offer full space mission services and aim to simplify access to space and space data.

What is the mission of Open Cosmos?

Open Cosmos' mission is to democratize access to space data and tackle global challenges such as climate change, humanitarian disasters, and resource management.

Who were the key investors in Open Cosmos' recent financing round?

Trill Impact Ventures, ETF Partners, and A&G's Energy Transition Tech Fund co-led Open Cosmos' recent financing round.

How much funding did Open Cosmos raise in the recent financing round?

Open Cosmos raised $50 million in the recent financing round.

How will the funding be used by Open Cosmos?

The funding will support Open Cosmos' commercial growth, international expansion, and innovation.

How has Open Cosmos demonstrated financial sustainability?

Open Cosmos has become EBITDA positive and has doubled its revenues year-on-year since the end of 2020.

How many people does Open Cosmos currently employ?

Open Cosmos currently employs nearly 70 people across the UK, Spain, and Portugal.

What are Open Cosmos' expansion plans?

Open Cosmos plans to expand into Latin America, the Middle East, and the Asia Pacific regions.

How does Open Cosmos contribute to sustainability and innovation?

Open Cosmos utilizes satellite data to address global challenges and drive meaningful impact on Earth. They view themselves as an agent of change and are committed to sustainability and innovation.

What is Open Cosmos' customer-facing software platform called?

Open Cosmos' customer-facing software platform is called Data Cosmos.

How does Open Cosmos enable impact at scale?

By democratizing access to satellite data and accelerating its availability, Open Cosmos creates opportunities for biodiversity preservation, agritech solution optimization, carbon stock monitoring, deforestation and degradation prevention, emergency response planning, and post-event analysis.

What are some examples of how Open Cosmos' satellite data is already being used?

Open Cosmos' satellite data is used in areas linked to multiple Sustainable Development Goals (SDGs), such as agriculture and biodiversity, forestry, and emergency management and humanitarian aid.

Who will join Open Cosmos' board of directors as a result of the recent financing round?

Representatives from Trill Impact Advisory, ETF Partners, and A&G will join Open Cosmos' board of directors.

What are Open Cosmos' long-term goals?

Open Cosmos aims to make a meaningful impact on the planet and pave the way for a sustainable future by democratizing access to space data. They seek to drive positive change and address pressing global challenges.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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