Satellogic Announces $50M in Funding
Satellogic, an integrated geospatial analytics company, revealed Thursday that the company has $50 million in funding from new and existing investors. Existing investors, including Tencent and Pitanga, contributed approximately 40% of the newly announced funding, with some existing investors requesting more than their pro rata share. The remaining capital came from a number of new financial and strategic investors, including the Inter-American Development Bank (IDB), through IDB Lab, the innovation laboratory of the IDB Group.
“We’re excited to see the market dynamics shift towards what our team has been building since 2010. Governments and industry alike now recognize the power of geospatial analytics, and Satellogic is a proven partner,” Pitanga Fund partner Fernando Reinach said. “When choosing where to invest and reinvest, we seek to fund companies that have the potential to be disruptive and capture a significant portion of large markets in a short time. … Satellogic is the perfect archetype of the Pitanga portfolio.”
The announcement comes after the company signed an agreement in September with ABDAS, a data science company based in Henan province of China, for a $38M Dedicated Satellite Constellation (DSC). Satellogic plans to deliver ABDAS with access to a fleet of satellites for high-resolution geospatial insights for the purpose of monitoring agriculture over the Henan province to strengthen government decisions.