image credit : Ursa

Geospatial intelligence network provider and geographical data analytics monitoring startup Ursa Space Systems has now raised $5.7 million in a venture round led by New York based VC RRE Ventures with participation from S&P Global and the Paladin Capital Group.

The 4 year old startup plans to make use of this funding to develop new products in response to strengthened customer demand and also expand its current product ecosystem to serve new customers and different areas.

This investment brings the total raised by Ursa which aggregates and perform analysis on in-depth data curated from a large network of satellites to provide market intelligence to over $12 million with the geospatial intelligence startup also notable for a Series A round October last year led by returning investor Paladin Capital which brought $7 million worth of funding for Ursa.

Ursa whose main product as of current focuses on the oil supply chain is now looking to expand its analytics line-up to other industries with this investment being driving capital for the company.

RRE Ventures which led this round stands as a renowned VC firm with several investments in other technology companies including Media unicorn Buzzfeed, Business Insider, fintech startup Venmo, Spaceflight, ClearPath Robotics and many others having over 8 VC funds with total commitments amounting to $1.7 Billion.

“Ursa is making great progress across multiple aspects of their business,” said Will Porteous, general partner at RRE Ventures and new Ursa board member. “They’re seeing early success with enterprise customers like S&P Global Platts, and users are already requesting new applications of the product for their business. There are many potential high-value applications for the technology. In addition, they have attracted really impressive talent. We see a very strong team with a great value proposition and a huge opportunity in front of them.”

In addition, Ursa co-founder and CEO Adam Maher stated “Ursa is equipping our customers with the most comprehensive, reliable, and timely source of geospatial intelligence possible to inform their business decisions and provide them with meaningful competitive advantage,” He continued. “The opportunity to partner with proven investors like RRE, Paladin, and S&P Global has really helped focus our approach and accelerate our success. The new funding will enable us to execute our business plan more quickly and capitalize on the broader market opportunity for our capabilities.”

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