Ursa Space Systems Inc. (“Ursa”) has closed a $7 million in Series A equity financing from experienced financial, security, and strategic investors.
The financing was led by Paladin Capital Group and included participation from New Enterprise Associates (NEA), RRE Ventures, S&P Global, and other strategic investors. Ursa was formed by leaders in the satellite and software security fields with the vision to unlock the potential of data and insights derived from radar satellite imaging.
Ursa provides transparency to complex markets, enabling global operators in financial services, energy, industrial, and government sectors to make more informed decisions. Ursa released the world’s first comprehensive weekly China oil inventory report in May, added the Caribbean and MENA regions in September, and plans to have global coverage in early 2018.
Ursa provides its rapidly growing customer base with the analytics solutions needed to make the connection between space technology and global markets. To accomplish this, Ursa uses its experience with a unique form of satellite imagery (Synthetic Aperture Radar, or SAR), other cutting-edge technologies, and external information layers. With the new funding, Ursa will continue to expand its customer base for global oil & gas industry information products and continue development of its proprietary machine vision and machine learning algorithms to bring to market additional economic indicators.
Adam Maher, co-founder and CEO of Ursa, reported that the globalization of business and government operations has resulted in interconnected supply chains. However, there is a lack of transparency regarding critical parts of these supply chains, which causes uncertainty and risk for customers. The company aims to expand product offerings for existing customers and engage with new organizations that desire timely insights into external assets and events that directly affect them.
Christopher Steed, the Managing Director at Paladin Capital Group, will be joining Ursa’s board of directors.