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Geospatial Intelligence Startup Ursa Announces $5.7 Million in New Funding

July 19, 2018

Ursa Space Systems, a provider of geospatial intelligence solutions, recently announced $5.7 million in new venture funding, led by RRE Ventures and including participation from S&P Global (NYSE: SPGI) and Paladin Capital Group. The company will use the funds to develop new products in response to strong customer demand, as well as expand current offerings to serve new customers and markets.

 

Ursa aggregates and analyzes data from the industry’s largest network of radar satellites to provide customers with alternative sources of market intelligence. Ursa’s flagship commercial product, Global Oil Storage Monitoring, is a weekly service measuring crude oil storage of more than 340 oil terminals worldwide with 3.6 billion barrels of capacity. Leading global operators in the energy and finance sectors rely on Ursa’s comprehensive and timely analytics to gain decision advantage, changing the way they conduct business. Following on this product’s success, Ursa is extending its focus across the oil supply chain and expanding the company’s custom monitoring services across various sectors.

 

The funding follows the global expansion of Ursa’s oil storage product and the launch of a new commercial partnership with S&P Global Platts, a division of S&P Global. S&P Global Platts is an independent provider of information, benchmark prices, and analytics for the energy and commodities markets. They are incorporating Ursa’s oil storage monitoring into S&P Global Platts Analytics products and services, and working with Ursa to develop new offerings for the commodity and energy markets.

 

“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.”

     

“We are thrilled to increase our investment in Ursa,” said Ewout Steenbergen, Executive Vice President and CFO of S&P Global. “We think very highly of the Ursa team and see opportunities to collaborate not just with S&P Global Platts but across all our businesses.”

 

“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,” said Adam Maher, Ursa’s co-founder and CEO. “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.”