Satellite Imagery Startup Raises $25 Million

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WASHINGTON — Satellite remote sensing startup Spire, formerly known as Nanosatisfi, has raised $25 million in Series A financing that it will use to expand its satellite and data networks as well as its staff, the San Francisco-based company announced July 29. 

Spire, one of the new breed of Silicon Valley data companies leveraging small-satellite technology, has deployed four satellites to date, including the Lemur 1 cubesat that was launched in June aboard a Russian-Ukrainian Dnepr rocket that carried 37 payloads to orbit. The company said the current demand for data will allow it to scale up to 50 satellites in the near future.

The company, which has opened a second office in Singapore, says it has raised $29 million to date. The latest financing round was led by RRE Ventures, which specializes in early stage financing, and included a combination of existing and new investors: Moose Capital, Qihoo and Mitsui & Co. Global Investment. 

Spire aims to provide data for decision-makers in areas such as trade, weather, shipping and maritime domain awareness using low-cost, off-the-shelf technologies.

“Spire has seized on an incredible market opportunity. Its small form factor satellites give it substantially better operating leverage and the potential to disrupt legacy platforms,” Will Porteous, general partner and chief operating officer at New York-based RRE Ventures, said in a prepared statement. “Spire’s expansion into Singapore opens up another new frontier for the business, and bodes very well for the company’s future success in the region.”

 

Follow Warren on Twitter: @Ferster_SN


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