Ursa Space Systems Secures $7 Million Series A Financing
Ursa Space Systems announced it closed a $7 million Series A equity financing from financial, security, and strategic investors. Paladin Capital Group led the financing, which included participation from New Enterprise Associates (NEA), RRE Ventures, S&P Global, and other strategic investors.
Ursa released its first weekly China oil inventory report in May, added the Caribbean and Middle East and North Africa (MENA) regions in September, and plans to have global coverage in early 2018. Ursa uses a mixture of Synthetic Aperture Radar (SAR) and external information layers to provide analytics solutions for its customers.
With the new funding, Ursa will continue to expand its customer base for global oil and gas industry information products and continue development of its proprietary machine vision and machine learning algorithms to bring to market additional economic indicators.
“The globalization of business and government operations has resulted in interconnected supply chains,” said Adam Maher, co-founder and Chief Executive Officer (CEO) of Ursa. “However, there is a lack of transparency regarding critical parts of these supply chains, which causes uncertainty and risk for our customers. We aim to expand our product offerings for existing customers, and engage with new organizations that desire timely insights into external assets and events that directly affect them.”