Open Cosmos raises $50m in Series B funding round

Open Cosmos – the space tech business making satellites that gather data to solve pressing global challenges  – has raised $50m in Series B funding from three leading impact investors, ETF Partners, Trill Impact and A&G. The round also included Accenture Ventures, Banco Santander InnoEnergy Climate Tech Fund and Claret Capital Partners, with participation from Taavet Hinrikus and Kheng Nam Lee. The funding will be used to accelerate the company’s growth internationally and expand its offering to encompass sophisticated satellites and constellations as well as satellite-based analytics and insight solutions.

Open Cosmos uses the power of satellites to simplify and democratise access to space and space data. Its mission is to allow all organisations to access the benefits of satellite data and insights to address global issues such as the climate crisis, the energy transition or the sustainable use of natural resources.

Open Cosmos satellites contributing to a more sustainable world include MENUT, which launched in January 2023, delivers images monitoring deforestation, wildfire impact, flooding and coastal erosion. Some of the satellites due to launch in the next few months include MANTIS, funded through UKSA and in partnership with ESA, will produce high-resolution imagery to monitor logistics, energy infrastructure and natural resources; IOD6, in partnership with the Satellite Applications Catapult, which will focus on monitoring the Atlantic coastal and maritime areas; and PLATERO, contributed by Spain, will combine Earth Observation and IoT on the same satellite to monitor biodiversity and provide real-time insights in the context of natural catastrophes.

All three satellites feature a multi-sensor design, which will also enable them to join the OpenConstellation, whilst critical data gathered through their monitoring will become part of the DataCosmos platform.

Founded in 2015, OpenCosmos had only raised $7m in external funding before this round, due to its focus on commercialisation and organic growth. Since the end of 2020, the business has organically grown to become EBITDA positive, whilst at the same time doubling revenues year-on-year. This financial sustainability enabled Open Cosmos to raise fresh funding despite the difficult macroeconomic environment across all sectors. Today, the company has a team of nearly 70 people distributed across the UK, Spain and Portugal and is looking to expand into Latin America, the Middle East and Asia Pacific in due course. As well, Open Cosmos is currently evaluating opportunities that complement this geographical expansion with acquisitions that enable inorganic growth both upstream and downstream.

?Rafel Jorda Siquier, CEO and Founder at Open Cosmos, said: “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. Our successful Series B funding, with the support of such prominent ESG and impact investors, is a testament to our commitment to sustainability and innovation. It is important for us as a business to work with investors that believe in our mission and align with our values to use technology to solve urgent global problems and we’re delighted to find that with ETF Partners, Trill Impact and A&G. This investment will propel us forward, allowing us to accelerate our growth, expand our capabilities, and continue offering cutting-edge solutions.”

?ETF Partners Managing Partner, Patrick Sheehan, added: “Through their technological innovation, Open Cosmos has proven that space is a vital resource for the continued health and prosperity of our planet. Since ETF Partners is an investment firm focused on sustainability through innovation, Open Cosmos is a perfect match for our values and provides an exciting opportunity for profitable investment into a robust and growing market. We are thrilled to be part of this milestone and look forward to carrying our partnership into the future.”

Toba Spiegel, Investment Manager at Trill Impact, stated: “Space data has always been an important means of understanding planet Earth, but in our view, 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. Open Cosmos is a leader in providing multi-sensor space data at an affordable cost and we consider it a pioneer with creating an appstore-like analytics offering.”

Juan Diego Bernal, Managing Director at A&G Energy Transition Tech Fund, commented: “Open Cosmos has demonstrated not only its unique end-to-end technologies as seen in its organic growth and financial stability but that the team is in a strong position to now take the company to the next level. We look forward to working with the team to seize these market opportunities and solidify its position as a leader in the space technology sector and leveraging its cutting-edge technology to boost the Energy Transition for a better world.”

Tom Lounibos, Managing Director at Accenture Ventures, noted: “Accenture sees a future where every company is able to harness the vast potential of data captured in space in order to push past the boundaries of the possible and find new sources of innovation. Although access to this data has traditionally been limited and costly, Open Cosmos removes these barriers with satellites that launch quickly and simply, providing fast access to data on climate changes, energy, resources, navigation and more.”