Astro Digital raises a Series A round to develop its Earth imaging satellite system
Astro Digital, a remote sensing company developing both its own satellite constellation and an analytics platform for that imagery, has raised $16.7 million in a Series A round on March 2. Previously, the company raised a seed round in 2015 with GVA Capital and other investors. Astro Digital plans on using the funds to build out its initial constellation of small satellites that will provide medium-resolution imagery.
The company is finishing the integration of the first two satellites of its Landmapper system with a launch planned in late April or early May. That initial set of 10 satellites will be followed by 20 larger satellites capable of providing higher resolution imagery. In addition to its own satellites, Astro Digital has been developing an analytics platform that processes satellite imagery to provide industry-specific information for customers.
According to the founder’s interview to SpaceNews, the company is already planning a Series B round for 2018 to build out the high-resolution Landmapper constellation. “We’re heads down. We’re building. We’re not looking to get acquired,” she added, saying the Series A round would fund company operations for at least the next 12 months.
As more companies begin to incorporate satellite imagery into their business, the way that data is packaged and delivered will become increasingly important. One can only image the globe in so many different ways. Providing useful analysis on top of that data and creating user-friendly platforms to present that analysis is what we believe will be the main revenue driver. We firmly believe that Astro Digital is becoming a strong leader of this market.
GVA Capital is a Silicon Valley based investment company with over $100 million in assets under management. The firm is focused on science-intensive innovations across a variety of verticals, including Artificial Intelligence, FinTech, Robotics, Big Data, Cloud, Consumer Mobile, Advertising, and Autonomous Vehicles. GVA Capital’s portfolio includes over 20 companies, which the firm has helped with business development, strategic consulting, and international expansion.