White Peak Partners has acted as the sole financial advisor to Open Cosmos on its $50m Series B round led by impact investors ETF Partners, Trill Impact and A&G. The round also included Accenture Ventures, Banco Santander InnoEnergy Climate Tech Fund and Claret Capital Partners, with participation from Taavet Hinrikus and Kheng Nam Lee. The funding will be used to accelerate the company’s growth internationally and expand its offering to encompass sophisticated satellites and constellations as well as satellite-based analytics and insight solutions.
Founded in 2015, Open Cosmos has consolidated as the leading space tech business making satellites that gather data to solve pressing global challenges. Its mission is to allow all organisations to access the benefits of satellite data and insights to address global issues such as the climate crisis, the energy transition or the sustainable use of natural resources.
Open Cosmos is one of the few businesses in the world that can deliver end-to-end telecommunications, Earth Observation (EO), navigation and scientific missions. It designs, builds, launches and operates advanced satellites through its OpenOrbit offering; enables organisations to access and share data via its mutualised OpenConstellation infrastructure and offers AI-powered data analysis from a growing range of satellite sources and analytic partners via its DataCosmos platform. This not only dramatically lowers the costs, complexity, and timescales of missions, but it also simplifies access to EO data in a way that removes the barriers for all companies – even non-space customers – to address society’s most urgent challenges.
Open Cosmos satellites contributing to a more sustainable world include MENUT, which launched in January 2023, delivers images monitoring deforestation, wildfire impact, flooding and coastal erosion.
Having only raised $7 million in external funding before this round, the business has organically grown to become EBITDA positive, whilst at the same time doubling revenues year-on-year consistently since 2020. Today, the company has a team of nearly 70 people distributed across the UK, Spain and Portugal and is looking to expand into Latin America, Middle East and Asia Pacific in due course.
“White Peak Partners has played a pivotal role in orchestrating this complex transaction in quite a tumultuous market environment. They were key to help us negotiate an efficient and balanced deal with a very impressive line-up of investors. We are absolutely thrilled with their support.”
Rafel Jorda, CEO of Open Cosmos
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