Satellites have emerged as vital tools in our increasingly interconnected world, providing essential communication channels and data collection capabilities across the globe. However, These high-flying marvels bring a dual nature – they can be both heroes and potential sources of misuse. Moreover, their presence contributes to the growing issue of space debris. UK startup Open Cosmos is revolutionizing the satellite industry with sustainable LEO satellites and an integrated data management system to tackle industry challenges. Open Cosmos has recently secured $50 million in funding to further its mission of making satellite data more accessible through an innovative platform.
Founded in 2015 by three aerospace engineers from Spain, Open Cosmos gained industry recognition by successfully launching its first LEO satellite on a shoestring budget. This achievement was significant, given the typically hefty capital and operational expenses associated with aerospace projects. Today, Open Cosmos collaborates with space agencies and companies like Amazon’s AWS, RHEA Group, and Lacuna Space.
Open Cosmos’s platform and hardware are versatile and can be employed for various applications. However, the company’s primary focus is on energy and climate monitoring, as CEO Rafel Jorda Siquier emphasizes. They work exclusively with organizations committed to responsible actions in these domains. Importantly, Open Cosmos’s satellites are designed to degrade and disintegrate upon re-entry into Earth’s atmosphere, leaving no space debris behind.
The recent $50 million funding round for Open Cosmos is noteworthy for several reasons. It underscores investor interest in the startup and reflects broader deep tech and space technology funding trends. Leading the investment are ETF Partners, Trill Impact, and A&G, known for their focus on impact investments. Strategic investors, such as Accenture Ventures, Banco Santander/InnoEnergy Climate Tech Fund, IREON, Wille Finance, and Claret Capital Partners, have joined the initiative. Notable entrepreneurs-turned-investors Taavet Hinrikus and Kheng Nam Lee also participated in the round.
Source: Open Cosmos
Accenture’s investment signifies a partnership with Open Cosmos focused on implementing and managing data projects. The collaboration strongly emphasizes sustainability, highlighting the increasing role of space data in addressing global challenges.
Startup funding faces constraints, especially in Europe, with Q2 investments significantly lower than last year. Open Cosmos’s $50 million raise is a remarkable milestone, especially considering their prior funding of around $7 million.
Open Cosmos’s unique market opportunity focuses on applications in climate and agriculture, emphasizing sustainability. While this sets the company apart from traditional satellite communication providers, sustainability is a critical geopolitical category, especially as organizations like NATO and governments seek greater independence in utilities and resources.
Satellite data has many applications, including monitoring deforestation, tracking greenhouse gas emissions, observing polar ice caps, monitoring sea levels and ocean currents, and covering 54 climate variables. Additionally, satellites play a crucial role in disaster relief efforts. Open Cosmos estimates that the demand for Earth orbit data will create a market segment worth $11.3 billion by 2031.
Open Cosmos’s $50 million funding round advances satellite data accessibility, emphasizing sustainability and global impact democratization. In a world confronting urgent environmental issues, startups like Open Cosmos are key players in shaping a sustainable future.