BUENOS AIRES - Satellite startup Satellogic has raised $27 million in a Series B funding round. Tencent lead the round, giving the Chinese Internet search provider access to space assets and placing it on par with Silicon Valley companies in the U.S.
Satellogic is one of many new entrants into the satellite remote sensing market. The rising popularity of small satellite form factors has made it significantly cheaper to enter the business and compete with incumbents like DigitalGlobe and Airbus. Small satellites also enable companies to provide wider global coverage with more frequent updates, giving them an advantage over companies that use larger satellites. Companies that operate large satellites still have an advantage due to the use of larger, more capable satellites.
Due to the relative ease of entry into the small satellite market, competitive intensity has increased significantly. Satellogic hopes to compete by deploying satellites that include five spectral bands. These so-called hyperspectral satellites are particularly useful for detecting mineral and fossil fuel deposits. Satellogic's primary competitor will be San Francisco-based Planet, which already has nearly 150 small satellites deployed and operational in orbit. Planet has also acquired other companies in the market, such as Alphabet's Terra Bella and BlackBridge Geomatics.
The money raised during the Series B funding round will be vital to Satellogic, since the company has begun deploying satellites. The most recent deployment came on June 15 when Satellogic's NuSat 3 was carried into orbit by a Chinese Long March 4B rocket.
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