Ursa Space Systems Receives $5.7 Million in Venture Funding
Geospatial intelligence solutions startup Ursa Space Systems received $5.7 million in new venture funding, led by RRE Ventures, with participation from S&P Global and Paladin Capital Group. 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.
Ursa aggregates and analyzes data from a large 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. Ursa plans to broaden its focus across the oil supply chain and expand the company’s custom monitoring services across various sectors.
The company will use the funds to develop new products in response to strong customer demand, as well as expand current offerings. “Ursa is equipping our customers with the most comprehensive, reliable, and timely source of geospatial intelligence possible to inform their business decisions,” Ursa Co-Founder and Chief Executive Officer Adam Maher said in the release.