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The competition heats up: Spire, a cubesat satellite company focused on data gathering from space, has raised an additional $40 million in investment capital, bringing the total it has raised since 2012 to $80 million.
With the new funds, the company will support further growth and expand its constellation from 20 satellites in 2015 to more than 100 by the end of 2017.
The latest round of financing comes at a time when the need for advancements in weather and maritime data is at an all-time high. With the potentially catastrophic 2016 Weather Gap right around the corner, Spire offers a solution to the $2.4 trillion dollar global problem. Emerging as a leader in the ‘Space Race 2.0,’ Spire is the only commercial weather data provider with scheduled launches in 2015. The company will begin deploying its satellites on a near monthly basis beginning September 2015.
Though the company is willing to gather data in more ways than just weather, its offer to provide weather data suggests that the transition from government to private weather satellites is soon approaching. And there is no reason it shouldn’t. Weather data is very valuable. Just as private cable companies put up satellites to provide communications, so should weather outlets like the Weather Channel. It will pay for itself, and will likely provide us better data than any NOAA satellite.
In addition, this story indicates once again that the age of cubesats is now upon us.