Vancouver-based UrtheCast, which captures and displays highly-detailed images of Earth, has secured $6.6 million CAD ($5 million USD) in financing from Vine Rose Limited.
The funding consists of an unsecured convertible debenture totalling to about $2.9 million, in addition to unsecured non-convertible debenture amounting to approximately $3.6 million. The company said the funds will be primarily put towards paying off a loan from Land O’Lakes, Inc. for the acquisition of Geosys, professional fees related to the expected financing of the UrtheDaily Constellation, and debt service costs.
UrtheCast gathers Earth video data through satellite technology, and displays it in near-real time on its web platform
Founded in 2004 by Scott Larson, UrtheCast gathers Earth video data through satellite technology, and displays it in almost-real time on its web platform. The platform makes the videos available for the public, developers, educators, media, governments, humanitarian organizations, and environmental protection agencies.
Recently, UrtheCast was selected to receive $2 million CAD from the Canadian Space Agency’s Space Technology Development Program to develop new satellite technologies. In 2015, the company also announced the $100 million acquisition of Elecnor Deimos Earth Observation. That same year, UrtheCast’s cameras aboard the International Space Station were incorporated into a short film for the 2015 Pepsi Challenge global campaign.
RELATED: Canadian government investing $13 million in satellite company NorthStar Earth and Space
In March 2017, the company secured $19.6 million through a bought deal public offering and received $17.6 million from the Ministry of Innovation, Science and Economic Development, a week prior.
The new financing pertains, in part, to UrtheCast’s acquisition of Geosys in January for $26.4 million CAD ($20 million USD). Geosys provides real-time data, analysis, and insights using research in agronomics, information technologies, and satellite imagery.
“By unifying these companies, UrtheCast will be well positioned as the leader in fully integrated geo-analytics solutions for agriculture,” Don Osborne, CEO of UrtheCast, said at the time the acquisition was announced.
Image courtesy UrtheCast