AlbedoAustin-based company, whose low-flying satellites will deliver high-resolution images, has raised $48M through Series A financing.
The round, which brought total funding to $58M, was co-led by Breakthrough Energy Ventures and Shield Capital, with participation from new investors Republic Capital, Giant Step Capital, and C16 Ventures, and with existing investors Initialized Capital, Joe Montana’s Liquid 2, Kevin Mahaffey, and other undisclosed participants.
The company plans to use these funds to develop its first satellite and software to support satellite operations.
Albedo CEO Topher Haddad, who is also the co-founder of the company, is responsible for developing very low-earth orbit (VLEO), satellites to collect optical imagery 10 cm in diameter and thermal infrared imagery 2 meters in length. This imagery resolution will allow applications to be developed that are not possible with lower resolution satellites, or the operational limitations of imagery from planes. The commercial applications for Albedo’s imagery spans markets including precision agriculture, HD mapping, property insurance, utilities vegetation management, construction and real estate, pipeline monitoring, urban planning, and many others. These markets can benefit from new products that combine both types of images, such as activity indication, temperature differences, moisture, energy efficiency and energy efficiency.
FinSMEs
07/09/2022