US-based satellite geospatial analytics provider Ursa has secured $15m in a series B round backed by financial services firm Citi and financial data and analysis provider S&P Global.
The round was led by venture capital firm Razor’s Edge Ventures and was filled out by New York Ventures – an investment vehicle for the state of New York – in addition to Paladin Capital Group and RRE Ventures.
Founded in 2014, Ursa analyses geospatial data collected from third-party satellites and combines it with other information sources to compile market insights for clients in the energy and finance sectors.
The satellites leverage a technology called synthetic-aperture radar (Sar) to operate while facing adverse conditions such as fog and nightfall, sending information to Ursa’s in-house experts for analysis.
Ursa will use the fresh capital to grow its customer base and push its services into new segments of business, including logistics, supply chain management and insurance.
S&P Global took part in a $7m series A round in late 2017, which was led by Paladin Capital and also included New Enterprise Associates, RRE Ventures and undisclosed strategic investors.
The corporate returned in July 2018 for a $5.7m RRE-led round also backed by Paladin Capital
Adam Maher, co-founder and chief executive of Ursa, said: “Since Ursa’s founding, global businesses in the energy and finance sectors have relied on our comprehensive and timely analytics to make strategic decisions.
“As Ursa continues to build on our technology, we have identified a number of other opportunities to pursue high-value markets and customers that have not historically leveraged the power of Sar and would benefit from these insights.”