Descartes Labs snaps up $20M more for its AI-based geospatial imagery analytics platform
Satellite imagery holds a wealth of information that could be useful for industries, science and humanitarian causes, but one big and persistent challenge with it has been a lack of effective ways to tap that disparate data for specific ends.
That’s created a demand for better analytics, and now, one of the startups that has been building solutions to do just that is announcing a round of funding as it gears up for expansion. Descartes Labs, a geospatial imagery analytics startup out of Santa Fe, New Mexico, is today announcing that it has closed a $20 million round of funding, money that CEO and founder Mark Johnson described to me as a bridge round ahead of the startup closing and announcing a larger growth round.
The funding is being led by Union Grove Venture Partners, with Ajax Strategies, Crosslink Capital, and March Capital Partners (which led its previous round) also participating. It brings the total raised by Descartes Labs to $60 million, and while Johnson said the startup would not be disclosing its valuation, PitchBook notes that it is $220 million ($200 million pre-money in this round).
As a point of comparison, another startup in the area of geospatial analytics, Orbital Insight,