Ursa Space Systems recently announced $5.7 million in new venture funding, led by RRE Ventures and including participation from S&P Global and Paladin Capital Group.
The company will use the funds to develop new products in response to strong customer demand, as well as expand current offerings to serve new customers and markets.
Ursa aggregates and analyzes data from the industry’s largest network of radar satellites to provide customers with alternative sources of market intelligence. Ursa’s 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 rely on Ursa’s comprehensive and timely analytics to gain decision advantage, changing the way they conduct business. 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 Ursa’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.
Will Porteous, general partner at RRE Ventures and a new Ursa board member, said that the company is making great progress across multiple aspects of their business. The firm is seeing early success with enterprise customers such as S&P Global Platts and users are already requesting new applications of the product for their business. There are many potential high-value applications for the technology. In addition, Ursa has attracted really impressive talent.
Adam Maher, Ursa’s co-founder and CEO, added that the company is equipping customers with the most comprehensive, reliable, and timely source of geospatial intelligence possible to inform their business decisions and provide them with meaningful competitive advantage. The opportunity to partner with proven investors, such as RRE, Paladin, and S&P Global, has really helped focus the firm's approach and has accelerate success. The new funding will enable Ursa to execute the business plan more quickly and capitalize on the broader market opportunity for the firm's capabilities.