Denver, USA-based stratospheric technology and remote sensing company Urban Sky raised USD 9.75 million in Series A financing. The round took place on October 16, 2023. New Legacy Ventures, Lerer Hippeau and Lavrock Ventures led the financing for the company. Catapult Ventures, Union Labs VC, DA Ventures (a Denver Angels Affiliate), and TenOneTen Ventures also joined in the financing. As a part of the deal, Alex Wong joins Urban Sky’s Board of Directors.
Purpose of financing for Urban Sky
With the latest financing, the company has plans to scale its commercial imaging operation. In addition, it also seeks to develop advanced stratospheric technology. Meanwhile, the company looks forward to broadening its sensor portfolio.
Urban Sky also intends to scale its flight and imaging operation to more than 15 U.S. states. Further, it looks to commercialise the technology for multiple applications, such as insurance analytics, utility monitoring, disaster response, wildfire monitoring, environmental analysis and, more broadly, to capture high-resolution (<10cm GSD) remote sensing data at unprecedented refresh rates above urban centres and environmental areas of interest. This technology also offers customers access to more, better remote sensing data and insights than ever before.
What the company’s official has to add
Andrew Antonio, Co-Founder and CEO, said, “Our team is passionate about enabling access to more and better Earth Observation data to fuel new insights about our world. The Stratosphere is one of the last virtually untapped commercial frontiers, and Urban Sky plans to commercialize this layer of Earth’s atmosphere for the benefit of all humanity. Our vision is to finally enable safe, smart, and routine utilization of the Stratosphere for a variety of applications, all the while building a sustainable organization geared towards sound financial performance.”
What the investors have to comment
Alex Wong, Partner at New Legacy Ventures, further said, “We believe that Urban Sky represents a category-defining business led by an exceptional and uniquely experienced founding team. We’re excited to partner with Urban Sky to help enable unparalleled access to the stratosphere and the insights and data that will come with it.”
In addition, Andrea Hippeau, Partner at Lerer Hippeau, said, “Urban Sky will usher in a sea change in aerial data acquisition costs, leading to a fresher, higher resolution, lower cost, and ultimately more valuable and useful view of Planet Earth. Urban Sky has multiple layers of defensible technology and IP, an exceptional backlog of business, and the right team to finally unlock the stratospheric data layer.”
What the company’s customers have to add
James Slifierz, Co-founder & CEO of Skywatch, an Urban Sky customer and channel partner, said, “SkyWatch is witnessing an unprecedented surge in demand for very-high-resolution Earth Observation data. However, satellite-based supply constraints have significantly curtailed our ability to satisfy this growing appetite. By partnering with Urban Sky, we aim to unlock the untapped potential of the stratosphere, leveraging a new frontier to quench the market’s insatiable demand for very-high-resolution imagery.”
About the company
Andrew Antonio and Jared Leidich launched the company in 2015. Urban Sky is already working with customers across markets, such as insurance, environmental monitoring, and oil & gas.
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