ITHACA, N.Y., Nov. 7, 2019 /PRNewswire/ -- Ursa, a geospatial analytics-as-a-service company that is democratizing access to commercially available synthetic-aperture radar (SAR) data, announced it has secured $15 million in Series B funding led by Razor's Edge Ventures. The Series B financing was joined by strategic investors Citi, New York Ventures, a division of Empire State Development, and others who will help usher Ursa into new industries such as the supply chain, logistics, and insurance markets. Building upon Ursa's combined Series A and Series A-1 $12.7 million capital raise, the latest round is backed by return investors Paladin Capital Group, RRE Ventures and S&P Global Inc. (NYSE: SPGI).
Ursa aggregates data from the industry's largest network of radar satellites, fuses it with other data sources, and delivers proprietary analytic-based information and products to provide customers with alternative sources of market or business intelligence to help them make better-informed decisions. Satellite-based SAR offers significant advantages over other forms of imagery due to its ability to collect information in all weather conditions (for example, through cloud cover, fog and haze), at any time of day or night.
"Since Ursa's founding, global businesses in the energy and finance sectors have relied on our comprehensive and timely analytics to make strategic decisions," said Adam Maher, co-founder and CEO. "As Ursa continues to build on our technology, we've identified a number of other opportunities to pursue high-value markets and customers that have not historically leveraged the power of SAR and would benefit from these insights. This round of capital will support Ursa's vision of turning data into impact."
"While governments have utilized and recognized the value of SAR imagery for several decades, it has not been until recently that this data is sufficiently timely and cost-efficient to drive real commercial market opportunities," said Mark Spoto, Managing Director of Razor's Edge. "Ursa's decision to pursue a 'data first' approach, synergistically integrating datasets from numerous data providers that have come to market over the last several years, made this investment opportunity compelling. The insights that can be derived from Ursa's 'virtual constellation' will drive significant new business in multiple enterprise market verticals."
Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler said, "New and innovative startups throughout New York State are making use of cutting-edge technology to provide services in a modern, diversified economy. Ursa's commercial use of SAR imagery will fill an economic niche with help from a New York Ventures investment."
"The satellite industry is undergoing a dramatic transformation, not unlike what happened in enterprise computing 20 years ago," said Will Porteous, General Partner and COO of RRE Ventures. "Open interfaces and data fusion are enabling a massive amount of value to be defined in software. Ursa is leading the industry in this approach and we are proud to be associated with the company."
Ursa's recent fundraise validates the company's unique capabilities and strong business traction in a market that is anticipated to exceed $4 billion by 2024. Ursa will use the new capital to further support its growing customer base and expand into new vertical markets to serve the rapidly evolving needs and high demand for satellite data and analytics.
Ursa's vision is to create satellite-based data layers that anyone can explore to discover the truth of their world. Founded in 2014, Ursa pioneered transparency in the oil and gas supply chain by using satellite-based radar and is expanding applications of the technology into new supply chains and markets. Ursa's geospatial intelligence portfolio sets new standards for accuracy and reliability and empowers customers with critical insights. For more information, visit www.ursaspace.com.
About Razor's Edge Ventures
Razor's Edge is a multi-stage venture capital firm that invests in technology companies solving significant challenges in national security and high-growth commercial markets. In addition to providing capital to accelerate the pace of innovation, Razor's Edge offers direct and practical operational support informed by decades of collective experience in the national security sector. The Razor's Edge team works tirelessly to identify disruptive technologies and capabilities that can solve critical mission needs and deliver them to government and commercial customers who need them. For more information, visit www.razorsvc.com.
About New York Ventures
New York Ventures is the venture capital investment arm of Empire State Development, New York State's chief economic development agency. New York Ventures meets the critical capital needs of the state's innovation economy by providing funding to high-growth startups as they move from concept to commercialization, through early growth and expansion. More information is available here.