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.
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.