Ursa Space Systems, an Ithaca, NY-based provider of geospatial intelligence solutions, rraised $5.7m in funding.
The round was led by RRE Ventures with participation from S&P Global (NYSE: SPGI) and Paladin Capital Group.
The company will use the funds to develop new products, as well as expand current offerings to serve new customers and markets.
Led by Adam Maher, co-founder and CEO, Ursa Space Systems aggregates and analyzes data from a large network of radar satellites to provide customers with alternative sources of market intelligence. Its flagship commercial product, Global Oil Storage Monitoring, is a weekly service measuring crude oil storage of more than 340 oil terminals worldwide with 3.6 billion barrels of capacity. Leading global operators in the energy and finance sectors use Ursa’s analytics to gain decision advantage. Following on this product’s success, Ursa is extending its focus across the oil supply chain and expanding the company’s custom monitoring services across various sectors.
The funding follows the global expansion of the company’s oil storage product and the launch of a new commercial partnership with S&P Global Platts, a division of S&P Global. S&P Global Platts is an independent provider of information, benchmark prices, and analytics for the energy and commodities markets. They are incorporating Ursa’s oil storage monitoring into S&P Global Platts Analytics products and services, and working with Ursa to develop new offerings for the commodity and energy markets.