This morning,Orbital Insight, a geospatial analytics startup, announced it had completed raising a $50 million Series C round of financing from Sequoia. The fresh capital brings the companys total fundraising to$78.7 million.
Orbital Insight generates analyticsfor businesses using satellite imagery and other data.A product of deep learning and more readily available satellite imagery, the geospatial analytics space as a whole has drawn a lot of attention for the role it has played in the hedge fund industry.
With images of retailer parking lots, companies like Orbital Insight have proven their ability to extrapolate accurate revenue predictions for businesses by counting cars as a proxy in advance of official earnings reports. But as data and technology commoditize, startups have been racing to service new markets and simplify their offerings to avoid becoming clunky consultancies.
Neural networks are very generalizable, said Bill Coughran, a partner at Sequoia Capital. Some adaptation is needed depending on the use case, but its the same basic underlying tech.
With the news of todays Series C, Orbital Insighthas grown to become one of the most capitalized startups in the geospatial analytics space. Some of itscompetitors,Descartes Labs and Spaceknow,have raised$8.28 million and $5.2 million, respectively.
The company is seeing strong uptake commercially and with the government, added Coughran. We felt this was a good time tohire for engineering and sales.
New investorsEnvision Ventures, Balyasny Asset Management, Geodesic Capital, ITOCHU Corporation and Intellectus Partners joined Sequoia in todays round. And, of course, earlier investorsGV, Lux Capital and CME Ventures maintained their involvementwith participation.
The diverse collection of investors hints heavily at ambitions of international expansion. Geodesic Capital is regularly involved in helpingstartups access Asian markets andITOCHU itself is a Japanese firm.