Key Takeaways
- Aspia Space has raised £2.25 million to expand its Earth Observation technology.
- The investment includes a £1 million equity injection from the British Business Bank’s South West Investment Fund.
- The company aims to create ten new roles and grow its team to over 100 by 2030.
Expansion Plans with New Investment
Cornwall-based Aspia Space, a specialist in Earth Observation (EO), has secured £2.25 million in funding, featuring a £1 million equity contribution from the British Business Bank’s South West Investment Fund through The FSE Group. Founded in 2021 and located near Falmouth, the company utilizes its proprietary platform across various sectors, including agriculture, insurance, land management, and environmental monitoring.
Aspia Space converts continuous streams of observational data into actionable insights, allowing organizations to make informed, data-driven decisions. The company’s platform enhances efficiency, productivity, and sustainability.
The funding will bolster the growth of Aspia’s land intelligence platform, which incorporates two advanced AI technologies: ClearSky, a deep learning algorithm providing uninterrupted, cloud-free satellite imagery, and EarthPT, the foundation model for Earth Observation. With this investment, Aspia plans to create ten new positions within the next year and aims to expand its team to over 100 members by 2030.
Professor James Geach, co-founder and chief scientific officer, expressed enthusiasm about bridging the gap between cutting-edge AI and EO technology. He stated, “We’ve developed a market-leading unified solution for consumers of downstream EO analytics, and this investment will enable us to deliver our products to a much broader market.” Geach noted that the company targets achieving a £40 million turnover within five years.
Anna Staevska, investment manager at The FSE Group, highlighted Aspia Space’s advanced technology in a rapidly growing market. She emphasized the company’s strong leadership and intellectual property that positions it well for continued innovation. The Earth Observation insights sector is projected to exceed $700 billion by 2030, driven by increasing demand for sustainable agriculture and disaster risk management.
The South West Investment Fund offers financial support ranging from loans to equity investments, facilitating access to capital for smaller businesses. Paul Jones, senior investment manager at the British Business Bank, remarked that Aspia Space is positioning the UK at the forefront of the expanding Earth Observation market. He expressed satisfaction with supporting the company’s growth phase, emphasizing its potential for creating high-value jobs and delivering significant economic and environmental impact.
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