Open Cosmos is a UK satellite startup that is focused on sustainability. The company has recently raised $50 million in funding to further its mission of making access to satellite data more democratised. Open Cosmos is building low-earth orbit satellites and an end-to-end system for managing the data gathered through them. Their platform allows multiple organizations to use single satellites or constellations of satellites, and they also have the option to share the data they collect with each other. Open Cosmos primarily focuses on energy and climate monitoring projects.
Low-earth orbit satellites and data management system
Open Cosmos is developing low-earth orbit (LEO) satellites that are designed to be sustainable. These satellites eventually degrade and break up as they re-enter the atmosphere, leaving no parts behind. The company has also built an integrated data management system that allows for efficient collection, storage, and analysis of the data gathered by the satellites. This system ensures that the data can be easily accessed and utilized by the organizations using the satellites.
Platform for multiple organizations to use satellites
One of the unique features of Open Cosmos’s platform is that it allows multiple organizations to use the same satellites. This enables cost-sharing and increased access to satellite data. Organizations can choose to use single satellites or constellations of satellites depending on their needs. By sharing the data they collect, these organizations can collaborate and leverage their combined resources to tackle various challenges related to energy and climate monitoring.
Focus on energy and climate monitoring
Open Cosmos has a specific focus on energy and climate monitoring projects. The company provides its services to organizations that are committed to being good actors in these domains. By leveraging satellite data, organizations can track and analyze energy usage, monitor climate patterns, and assess the impact of various environmental factors. Open Cosmos’s technology enables these organizations to make data-driven decisions and take proactive measures to mitigate the effects of climate change.
Background and Founding of Open Cosmos
Open Cosmos was founded in 2015 by three aerospace engineers from Spain. Since its inception, the company has established partnerships with major space agencies and companies, including Amazon Web Services (AWS) and RHEA Group. These partnerships have helped Open Cosmos gain recognition in the industry and expand its network of clients. The company’s ability to launch its first LEO satellite on a shoestring budget garnered attention and showcased its innovative approach to satellite technology.
Partnerships with major space agencies and companies
Open Cosmos’s partnerships with major space agencies and companies have been instrumental in its growth. These collaborations enable the company to leverage the resources and expertise of its partners to enhance its satellite technology and data management systems. Partnerships with companies like Amazon and RHEA Group demonstrate the value and potential of Open Cosmos’s platform in the industry.
Satellites’ degradation and environmental impact
A notable aspect of Open Cosmos’s satellite technology is its focus on sustainability. The satellites developed by Open Cosmos are designed to degrade and break up as they re-enter the atmosphere, leaving no debris behind. This approach helps mitigate the issue of space debris, which has become a growing concern in the industry. By developing sustainable satellite technology, Open Cosmos aims to minimize the environmental impact of its operations.
Significance of Funding and Investors
The recent $50 million funding round raised by Open Cosmos is significant for several reasons. Firstly, the investors involved in the funding round have a focus on impact investments, aligning with Open Cosmos’s sustainability goals. ETF Partners, Trill Impact, and A&G are leading the round, along with several other strategic investors. The partnership with Accenture Ventures further validates Open Cosmos’s potential and provides opportunities for collaboration on sustainability-focused data projects.
Investors focused on impact investments
The involvement of investors focused on impact investments highlights the growing interest in sustainability and the potential of space technology to address environmental challenges. Open Cosmos’s focus on energy and climate monitoring aligns with the goals of these investors, making it an attractive investment opportunity.
Partnership with Accenture
The partnership between Open Cosmos and Accenture Ventures is particularly noteworthy. Accenture Ventures plans to work with Open Cosmos to implement and run data projects for its customers, with a specific focus on sustainability. This collaboration opens up new avenues for Open Cosmos to showcase its technology and expand its customer base. The partnership also demonstrates the recognition of Open Cosmos’s capabilities and the value it can provide in the field of space technology.
Constraints in startup funding
The significant funding raised by Open Cosmos is particularly noteworthy given the current climate for startup investing. Startup funding continues to be constrained, and the investment landscape has been challenging, especially in deep tech and space tech sectors. However, Open Cosmos’s success in securing funding reflects the market’s recognition of the company’s potential and the importance of sustainability-focused solutions.
Increasing funding for space tech
Despite the challenges in startup funding, funding for space tech has been increasing. Open Cosmos’s $50 million funding round is a testament to the growing interest in space technology and its potential to address global challenges. The increased funding can be attributed in part to founders delaying fundraising in previous years, leading to a higher number of deals being made in the current period.
Potential in geopolitical and disaster relief categories
In addition to climate and agriculture projects, Open Cosmos’s technology has potential applications in geopolitical and disaster relief categories. Satellites play a crucial role in providing critical information during natural disasters and geopolitical crises. Open Cosmos’s ability to provide multi-sensor space data and analytics offerings positions them as a leader in these areas.
Estimated market size for earth orbit data
The rising demand for earth orbit data presents a significant market opportunity. Open Cosmos estimates that the market segment for earth orbit data will be worth $11.3 billion by 2031. This projection highlights the growing importance of space data in various industries and the potential for further growth and innovation in the sector.
