Open Cosmos, a leading space tech company, has secured €47 million in Series B funding from impact investors including ETF Partners, Trill Impact, and A&G. The round also saw participation from Accenture Ventures, Banco Santander InnoEnergy Climate Tech Fund, Claret Capital Partners, and individuals like Taavet Hinrikus and Kheng Nam Lee. Open Cosmos aims to democratize access to space and space data, allowing organizations to leverage satellite data to address global challenges, including climate change, the energy transition, and sustainable resource management.
Open Cosmos provides end-to-end solutions for telecommunications, Earth observation, navigation, and scientific missions. It designs, builds, launches, and operates advanced satellites through its OpenOrbit offering. It also offers access to and sharing of data through its OpenConstellation infrastructure, as well as AI-powered data analysis from a growing range of satellite sources and analytic partners via its DataCosmos platform. This approach significantly reduces the costs, complexity, and timescales of missions, making space data more accessible.
The company was founded in 2015 and has focused on commercialization and organic growth. It achieved EBITDA profitability since the end of 2020 and doubled its revenues year-on-year. Open Cosmos plans to use the new funding to accelerate its growth internationally and expand its offerings, including more advanced satellites and satellite-based analytics and insight solutions.
Open Cosmos has positioned itself as a leader in the emerging space data market, where satellites and AI applications can measure greenhouse gases, monitor climate change, assess deforestation, provide real-time data during natural disasters, and much more. The Earth observation satellite market is estimated to reach $11.3 billion by 2031, highlighting the growing importance of space data in addressing global challenges.
The company currently has a team of nearly 70 people across the UK, Spain, and Portugal and is exploring expansion opportunities in Latin America, the Middle East, and the Asia Pacific. Open Cosmos is also considering acquisitions to support its growth both upstream and downstream.
ETF Partners Managing Partner Patrick Sheehan expressed excitement about the partnership, emphasizing the alignment of Open Cosmos' mission with sustainability and innovation. Toba Spiegel, Investment Manager at Trill Impact, praised Open Cosmos as a pioneer in affordable multi-sensor space data and analytics offerings, highlighting its potential to unlock the full potential of space data for understanding and addressing Earth's challenges.
Open Cosmos' latest funding round demonstrates the increasing interest and investment in space tech companies focused on leveraging satellite data for sustainability and global problem-solving.
