Ursa Space Systems Inc., a Ithaca, N.Y.-based Space 3.0 analytics-as-a-service company, closed a $7m Series A equity financing.
The round was led by Paladin Capital Group with participation from New Enterprise Associates (NEA), RRE Ventures, S&P Global, and other strategic investors. In conjunction with the funding, Christopher Steed, Managing Director at Paladin Capital Group, will be joining Ursa’s board of directors.
The company intends to use the funds to 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.
Led by Adam Maher, co-founder and CEO, Ursa Space Systems is a Space 3.0 analytics-as-a-service company that aims to bring transparency to global markets to enable traders and analysts in the finance and energy industries to make more informed decisions. It uses space-based data from radar satellites as the source of their timely reports. Radar works through clouds and at night, allowing collection of information about activities on the Earth rain or shine.
Ursa released a 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.