Umbra, which is an imagery startup for Synthetic Aperture Radar (SAR), announced on January 30 that it was able to amerce $32 million through equity financing. The financing involved the family office venture fund of John Burbank, the founder of the Passport Capital hedge fund, and the existing investors; CrossCut Ventures, Starbridge Ventures, Hemisphere Venture, PonValley, among others. According to Umbra, the funds raised and revenue realized from its operations will be utilized to assist in free tasking, initiate new programs, and direct access to satellite.
Umbra, formerly Umbra Lab, was started in 2015, and by October 2019, it had built a name for itself and emerged from playing low-key and joined the big players in the sector. With Umbra planning for its satellite lift-off for this year, it has been able to develop a space radar system to be used in the delivery of high-resolution radar images using a web platform to its clients.
At the beginning of this year, Umbra had announced its acquisition of a patent from the U.S. government for a small satellite antenna that would be used in the capturing of images through clouds any time of the day. When combined with the firm’s 1200 MHz frequency radar, the antenna allows satellites to gather images below 25 cm impulse response (IPR).
During the announcement that was made on January 30, Umbra disclosed that it started operations after landing a contract from a renowned aerospace and defense company, and the revenue realized from the proceedings was invested in the construction of the hardware for its commercial mission and did not require any financing. According to the CEO of Umbra, David Langan, the initial move accorded the company an advantage, especially in building a good business rapport with the United States government and other major players in the sector, which has played a significant role in the company closing down major deals which are essential to future space architecture.https://testmeasurement.com.au/