Continued growth through new partnerships and strong financial backing were highlights in 2023
WASHINGTON, DC / ACCESSWIRE / January 17, 2024 / Hydrosat, the climate tech company specializing in delivering satellite imagery and data analytics to measure water stress and climate impact, today announced that it has closed out the most transformative year of its history. From its $1.2 million contract with the US Air Force, $22 million in new funding, the acquisition of IrriWatch, and the completion of its first proprietary thermal infrared satellite payload, Hydrosat is delivering on its vision to provide critical insights across a broad range of use cases. These milestones demonstrate Hydrosat's steadfast commitment to accelerating the delivery of technology and insights to government agencies, agribusiness, insurance companies, and emergency response teams to secure our limited natural resources in the face of accelerating climate change. The company serves customers on over 2.5M acres of farmland in 36 countries around the world.
Recent highlights from the organization include:
- New contract with National Reconnaissance Office (NRO) for thermal imagery - Hydrosat secured a 2.5-year contract with NRO under the agency's Strategic Commercial Enhancements (SCE) Broad Agency Announcement (BAA) Commercial Electro-Optical Capabilities (CEC) Focus Area. The SCE BAA CEC award will enable NRO to evaluate Hydrosat's commercial remote sensing technology for potential application across a broad range of use cases. Hydrosat's work with NRO expands upon partnerships with the National Air and Space Intelligence Center (NASIC) and the European Space Agency (ESA).
- $22 million in new funding to drive growth - Hydrosat continues to secure new funding, including a $22M Series A round and more than $5M in non-dilutive funding to advance the growth and development of its constellation of satellites and analytics. The latest fundraising round brings Hydrosat's total funding to over $43M, and demonstrates the significant market need for space-based insights.
- Strategic acquisitions to accelerate product delivery - Hydrosat's acquisition of IrriWatch enables growers in 36 countries across 2.5 million acres of farmland to optimize farming operations, improve crop yields, and increase profitability. The deal supports Hydrosat's mission to merge data with solutions that help customers increase crop yields by as much as 50% while consuming 25% less water. Hydrosat's IrriWatch product gained many new customers in Q4 including Cultivision, Nutradrip, Ecosuelo, and Agcurate among others.
- Delivery of VanZyl-1 Thermal Imagery Payload - Hydrosat reached an important milestone, completing and shipping a proprietary high-resolution longwave infrared imager (LIRI) for integration with our VanZyl-1 mission. VanZyl-1 will increase the frequency of Land Surface Temperature measurements and enhance the performance of irrigation prescriptions and water productivity forecasts within Hydrosat's IrriWatch platform.
- New contract for Constellation-as-a-Service (CaaS) spacecraft for 2024 launch - Hydrosat also announced a partnership with Muon Space for its first Constellation-as-a-Service (CaaS) spacecraft. The partnership marks an advancement of Hydrosat's plans to deploy a constellation of LEO smallsats that provide critical data for improving agricultural water use efficiency in response to the increasing scarcity of freshwater due to climate change.
"We're energized by Hydrosat's significant achievements over the past year in securing solid capital backing and making strategic deals that accelerate the delivery of our products to market," said Pieter Fossel, CEO and co-founder of Hydrosat. "As climate change continues to threaten our food supply and global economy, the need for geospatial insights continues to grow. We're bullish on our outlook for the coming year and democratizing critical data sets for agricultural users around the world."
About Hydrosat
Hydrosat is a geospatial data analytics company that uses thermal infrared imagery to provide unprecedented insights for commercial and government customers. The company's high-resolution, daily satellite thermal imagery delivers a unique perspective on our planet and Hydrosat's advanced analytics convey precise crop yield forecasts and improved irrigation tools to financial and agribusiness customers around the globe.
For more information on Hydrosat, visit: https://www.hydrosat.com/
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SOURCE: Hydrosat