Venture Capital: Hydrosat Raises $20M For Satellite Monitoring Of The Earth
Hydrosat is aiming to launch satellites to monitor water stress and the impact of climate change.
Hydrosat, a geospatial data analytics company, has raised $20 million in government grants and investments for its climate change campaign. Statkraft Ventures led the funding round, which also included Blue Bear Capital, Hartree Partners, Freeflow Ventures, OTB Ventures, Cultivation Capital, Expon Capital, Techstars, Santa Barbara Venture Partners, and Hemisphere Ventures.
The funds include $5 million in government grants and $15 million in Series A investment. The government grants include $1.2 million received from the U.S. Air Force to investigate national security applications for thermal infrared data.
Hydrosat is highly focused on climate change. In a statement, Pieter Fossel, co-founder and CEO of the company said climate change is the most urgent problem facing humanity, and Hydrosat is tackling it directly through the use of satellite data. He further explained that as the demand for knowledge regarding water stress and climate continues to grow, it has resulted in a significant market requirement for space-based insights.
Hydrosat plans to utilize the raised funds to construct two satellites, enlarge its workforce, and introduce a new commercial data fusion and analytics solution to the market. (SPACENEWS)
The first two satellites are set to launch in early 2024. The company will use its technology to measure water stress in plants and other indicators of climate change, optimize irrigation and fertilizer usage, predict wildfires and droughts, manage water resources, and map urban heat.
Hydrosat has raised $35 million since it was founded in 2017.
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