Canadian space technology startup SkyWatch Space Applications (SkyWatch) has concluded a C$10m ($7.5m) Series A funding round.
The proceeds from the funding round will help SkyWatch to offer affordable satellite data to companies.
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Led by venture capital firm Bullpen Capital, the financing is also joined by the company’s existing investors such as Space Capital, Golden Ventures, Techstars Ventures, SK Ventures, and Angel Round Capital.
SkyWatch CEO and co-founder James Slifierz said: “Over the past couple of years, SkyWatch built key-enabling technologies for the future of Earth Observation capture and distribution. Today, we are excited to announce that we’ll be able to commercialise and scale that technology globally, thanks to the closing of our Series A financing.
“We’re excited to have Bullpen Capital and BDC, two firms with deep experience in scaling technology companies, join the SkyWatch team. We’re also happy to have the support from our earliest investors who continue to believe in our ambitions to change the Earth Observation industry.”
The proceeds are expected to boost the company’s EarthCache platform, which helps application developers to integrate satellite imagery into any software application.
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By GlobalDataEarthCache is expected to gain more customers and is projected to exceed 1,000 customers over the next 12 months.
The company also publicly announced the launch of TerraStream platform, which offers integrated data storage, cataloguing, ordering and processing to a company launching a satellite.
The technology provides information faster with minimal operational and financial risk.
