Ursa Space Systems, a US-based developer of satellite imaging analytics technology, has closed a $7m series A round featuring financial information and credit ratings provider S&P Global.
The round was led by investment firm Paladin Capital and included venture capital firms New Enterprise Associates and RRE Ventures as well as undisclosed strategic investors.
Ursa had previously raised $1m in equity and in debt financing, according to regulatory filings. It will use the series A proceeds to further develop its machine vision and machine learning algorithms.
Founded in 2014, Ursa uses satellite imaging technology to track global trade movements. It has released oil inventory reports for the China, the Caribbean and the Middle East and North Africa, with global oil sector coverage slated for early 2018.
Adam Maher, co-founder and CEO of Ursa, said: “We aim to expand our product offerings for existing customers, and engage with new organisations that desire timely insights into external assets and events that directly affect them.”