Orbital Sidekick disclosed a $16 million Series A financing round on April 13 headed by Singapore investment titan Temasek, paving the way for the firm to complete construction of the very first hyperspectral imaging satellite constellation. Orbital Sidekick Chief Executive Officer and co-founder Daniel Katz informed SpaceNews that Temasek is a tremendous foothold within the Asia Pacific area. “One of the value propositions in our company, like every other space business, is supporting customers on a worldwide scale.”
Orbital Sidekick has met the requirements for obtaining another $16 million in the United States Air Force funds since completing the $16 million investment phase. In October, the San Francisco company reported that the United States Air Force commercial funding company AFVentures had awarded it $16 million to finance the deployment of its 6-satellite Global Hyperspectral Observation Satellite constellation identified as GHOSt. Orbital Sidekick expects to start deploying GHOSt satellites on the SpaceX Falcon 9 flights in late 2021.
In addition to Temasek, Orbital Sidekick received investment from Energy Innovation Capital and Syndicate 708, as well as established partners Allied Minds and the 11.2 Capital. Since Orbital Sidekick’s lead investor, Temasek, is headquartered in Singapore, the project was subjected to scrutiny by the Committee on Foreign Investment in the US, an interagency panel chaired by the Treasury Secretary that examines investments with national security implications.
About the fact that the analysis took some time, Orbital Sidekick sees a lot of value in its partnership with Temasek, a Singaporean investment group with a $300 billion portfolio that focuses on ESG (Environmental, Social, and Governance) investments. “Temasek takes ESG really seriously, and we do as well,” Katz said. Power firms, for example, use Orbital Sidekick to track and control pipeline leakage.
“In the setting, we can see slight shifts in reflectance as well as absorption features,” Katz stated. Soil, vegetation, as well as water reflectance shift across underwater pipes in reaction to fuel spills. Orbital Sidekick also intends to collaborate with utility providers to track oil and gas spills directly. Phillips 66, as well as the Intelligent Pipeline Integrity Initiative, a collaboration run by the Energy & Environmental Research Center at the University of North Dakota, have partnered with Orbital Sidekick to perform pilot projects.
In a tweet, Christopher Smith, who serves as the managing director of Energy Innovation Capital, stated, “The energy, as well as industrial industries, are under extreme strain to attain ESG excellence.” “To meet rising societal and regulatory demands, asset and environmental surveillance must be ongoing and sophisticated. Spectral Intelligence from Orbital Sidekick is the first hyperspectral imagery from space, enabling operators to detect properties outside the visible range on a regular basis all around the world.” Orbital Sidekick anticipates an increase in demand for data on regional wildfire danger, global pollution, mineral identification, and renewable energy exploration.https://thetrustedchronicle.com/