Ursa Space Systems Inc. (Ursa) announced the completion of $7 million in Series A financing led by Paladin Capital Group, with participation from New Enterprise Associates, RRE Ventures, and S&P Global.
Ursa is a Space 3.0 analytics-as-a-service company that brings transparency to global markets to help traders and analysts in the finance and energy industries make more informed decisions. It uses space-based data from radar satellites as the source of its timely reports. Radar works through clouds and at night, allowing the collection of information about activities on the earth, rain or shine. Ursa released what it says is the world’s first comprehensive weekly China oil inventory report in May, added the Caribbean and MENA regions in September, and plans to have global coverage in early 2018.
With the new funding, Ursa will continue to expand its customer base for global oil and gas industry information products, and to continue development of its proprietary machine vision and machine learning algorithms to bring to market additional economic indicators.