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September 14, 2023

Open Cosmos Secures $50M Series B Funding to Spearhead Change in Space Tech

Secures $50M to lead space missions and fight climate change, Forging Partnerships for Marketplace of Applications

Open Cosmos, the UK's foremost end-to-end satellite mission management provider, has achieved a significant milestone with a $50 million Series B funding round. Impact investors, including ETF Partners, Trill Impact, and A&G led the round, with participation from Accenture Ventures, Banco Santander InnoEnergy Climate Tech Fund, and Claret Capital Partners. This substantial investment will propel Open Cosmos into the forefront of addressing climate change, disaster management, and resource stewardship.

Rafel Jorda Siquier, the Founder and CEO of Open Cosmos, embarked on a mission driven by his space background, spanning both startups and industry giants like Airbus. He recognized a transformative shift in the space industry, marked by the rise of small satellites and rapid innovation. This realization led him to establish Open Cosmos in the UK.

Open Cosmos distinguishes itself as the sole UK provider offering end-to-end satellite mission services. Their product portfolio comprises OpenOrbit, OpenConstellation, and DataCosmos, providing holistic solutions for clients. OpenOrbit facilitates satellite design and manufacturing in months, not years. OpenConstellation caters to customers requiring substantial data volumes, while DataCosmos specializes in data interpretation.

Open Cosmos' ability to provide critical information for natural resource management, transport optimization, and climate change monitoring has fueled its rapid growth. They boast a remarkable 100% mission success rate and have doubled their revenue year-on-year since 2020. Prior to this funding round, they had raised a modest $7 million.

Open Cosmos' mission is to simplify and democratize access to space and related data. Satellite data plays a crucial role in monitoring climate variables, with over 40% requiring global coverage only achievable from space. This market is projected to reach $11.3 billion by 2031.

Open Cosmos actively addresses climate change, monitoring wildfires and flooding. They plan to launch four missions in four to six months and manufacture 14 additional satellites over the next year and a half. Open Cosmos is exploring partnerships with domain-specific companies proficient in AI and analytical techniques. This strategic move aims to build a marketplace of applications and information.

Toba Spiegal, Investment Manager at Trill Impact, acknowledges the increasing affordability of space data and its synergy with AI/ML solutions. This convergence opens doors for the industry's full potential.

Open Cosmos, with a diverse team of nearly 70 individuals from around the world, reflects the evolving nature of the space market. Siquier encourages more founders to enter the sector, emphasizing the paradigm shift and unprecedented opportunities.

Josefina Dipaolo
Josefina Dipaolo
Content Writer at TechNews180
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