The company plans to have all 90 satellites in orbit over the next 24 months but will need to increase their production and launch speeds significantly to do the same. The new technology developed from the funding will go towards improving the capability of the satellites, with plans to sharpen the imaging resolution to 70 centimeters
Fremont, CA: Commercial Earth-imaging company Satellogic has raised USD 50 million to scale up its satellite constellation. The Buenos Aires-based company has raised the funding from a mix of new and old investors, of which previous investors Chinese company Tencent and Brazilian fund Pitanga contributed 40 percent. The new investors raised the remainder of the accumulated amount, which included the IDB lab, referred to as the innovation laboratory of the Inter-American Development Bank.
“At IDB Lab, our mission is to leverage innovation towards inclusion in Latin America and the Caribbean,” Tomás Lopes Teixeira, senior investment officer at IDB Lab. “We’re excited to support Satellogic’s mission of democratizing access to geospatial analytics solutions.” The company is looking to achieve its goal of remapping the globe weekly at one-meter resolution. This will require a constellation of 90 satellites. Currently, the company has eight satellites in orbit and plans to launch another 16 by the end of 2020.
"The funding will enable the company to speed up the deployment of its satellite constellation, with the goal of providing imagery of the entire Earth at a resolution of one meter and updated every week," said Emiliano Kargieman, chief executive of Satellogic. “This funding, for us, is a way for us to continue to build on our momentum,” he said. “We’re going to use the proceeds to fund more technology development and product development, but also to scale up our constellation of satellites a little quicker. We’re looking at opportunities to see if we can speed up our rollout,” Kargieman said.
The company plans to have all 90 satellites in orbit over the next 24 months but will need to increase their production and launch speeds significantly to do the same. The new technology developed from the funding will go towards improving the capability of the satellites, with plans to sharpen the imaging resolution to 70 centimeters. Other improvements will include increasing downlink capacity and improved on-orbit processing of images. “We’re working on packaging the data that our satellites deliver in ways that can better serve our customers,” Kargieman said. “It will make it easier for companies to use satellite data for decision making.”
See Also :- Top Space Technology Companies