TX-COGNITIVE-SPACE
8.12.2021 04:42:05 CET | Business Wire | Press release
Cognitive Space announced the highlights of a very successful year in its mission to dramatically improve the way we monitor the Earth for economic, environmental, and national security understanding. The company helps organizations fly their satellites with new tools for New Space - providing satellite operators and space infrastructure companies with sophisticated SaaS services for optimizing revenue and performance yield, forecasting future capacity, and orchestrating collection management as satellite constellations grow and scale.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211207006237/en/
“The New Space economy is attracting massive investment and is growing exponentially. Space will be filled with thousands of new commercial satellites,” said Scott Herman, CEO of Cognitive Space. “But building out the required ground architecture is a major hurdle for New Space companies and usually represents a significant monetary investment, a multi-year time commitment, and major execution risk as they build their business. Cognitive Space provides a blueprint and an operational capability that de-risks and accelerates their buildout schedule, controls costs, and then optimizes their ongoing operations to power their business vision.”
2021 Highlights for Cognitive Space:
$5.5M in Investment Capital raised – Cognitive Space started the year with a $1.5M “pre-seed” raise, followed in November with the closing of a $4M Series Seed led by Grit Ventures of Menlo Park. Additional investors include Argon Ventures, Techstars, UltraTech Capital Partners, Cultivation Capital, Glasswing Ventures, Gutbrain Ventures, PBJ Capital, SpaceFund, and Deep Ventures. Outside counsel for the transaction were Covington and Burling LLP. As a result of this 2021 fundraising effort, Cognitive Space enters 2022 with $5.5M in funds ready to apply towards commercial product development and company growth.
“Billions of investment dollars are flowing into the New Space economy. There is an unmet imperative for cost-effective, scalable, and business-savvy constellation operations,” commented Jennifer Gill Roberts, Managing Partner at Grit Ventures. “We believe Cognitive Space's AI-driven approach to maximizing constellation revenue and performance yield gives their customers a significant competitive advantage in this emerging market for Space-based services.”
New and expanded US Government contracts – Cognitive Space continued its work with several US Government agencies, including the US Space Force, the Air Force Research Lab (AFRL), the National Geospatial Intelligence Agency (NGA), and other members of the national security community. In these engagements Cognitive Space focused on concept development and rapid prototyping for topics such as orchestrated collection management, hybrid space architecture, and global monitoring. Of particular note, Cognitive Space was selected as a winner of the Space Force Pitch Day competition, resulting in a $1.7M contract for exploring new approaches to satellite operations using Artificial Intelligence.
Cognitive Space also supported several US Government exercises, including RIMPAC, Northern Edge, and Joint Warrior. The company orchestrated collection opportunities across multiple commercial and government suppliers of satellite remote sensing. Cognitive Space provided the US Government with insight into the emerging wave of commercial remote sensing capabilities, helping them understand the impact of these capabilities on future operations, tradecraft, tools, and procurement methods.
Commercial Sales Traction – This summer, Cognitive Space introduced its SaaS-based platform for autonomous and dynamic satellite operations to a growing set of commercial satellite operators and space infrastructure companies. The platform revolutionizes satellite operations with the power of artificial intelligence for mission management, collections planning, and communications link coordination. The suite is available in versions tailored for startups, growth, and enterprise-class customers in the New Space domain.
Strong Revenue growth – Cognitive Space continues to dramatically increase its year-over-year revenue with new contracts, solid bookings, and a dense opportunity pipeline going into 2022.
Accelerator Wins – Cognitive Space was competitively selected for several startup accelerators, including the Amazon Web Services (AWS) Seraphim Space Accelerator and the NGA Startup Accelerator. As one of 10 companies chosen by AWS out of a field of approximately 200 startups, Cognitive Space received $100,000 in cloud infrastructure credits, AWS Cloud training and support, mentorship, and additional business development resources including opportunities to speak with space-savvy venture investors. With the NGA Accelerator, Cognitive Space has been working with government analysts on a pilot project exploring the role of future commercial satellite capabilities for facility monitoring and pattern-of-life analytics in real-world scenarios.
Building the best team in AI-driven Satellite Operations – Cognitive Space continues to recruit aggressively for an expanding team of AI/ML scientists and mathematicians, satellite and aerospace engineers, full-stack and frontend/backend developers, system architects, and Cloud DevOps engineers. In 2021, the company also made strategic additions to the executive team by recruiting senior industry veterans Scott Herman (as CEO) and Hanna Steplewska (as VP, Business Development & Operations). Scott and Hanna bring deep experience in Space Operations, Satellite Remote Sensing, Geospatial Analytics, and National Security and a comprehensive understanding of the New Space ecosystem.
About Cognitive Space
More information about Cognitive Space can be found at http://www.cognitivespace.com .
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