The thermal-infrared data intelligence company OroraTech, based in space, has raised €15 million in a Series A extension round for its strategy to address the climate catastrophe. The startup, which was founded in Munich, now has aspirations to keep growing internationally while using space technology to defend the globe.
Existing investors Findus Venture, Ananda Impact Ventures, BayernKapital, ConActivity, APEX Ventures, SpaceTec Capital, and industry leaders Ingo Baumann and Clemens Kaiser participated in the funding round, which was led by the climate impact fund Edaphon, based in Belgium. Non-dilutive co-funding from the Free State of Bavaria and the European Space Agency (ESA) allowed for the round to be extended.
The fight against global warming is becoming more intense, and cutting-edge technology is showing to be our finest weapon. Since 2015, the goal has been to reduce the temperature increase to 1.5° C or less, but following COP27, it is clear that this target won’t be met. We must now adapt and come up with fresh concepts and answers.
More natural disasters, associated financial issues, and a threat to life as we know it are all possible as the world warms.
The startup is developing a way to use thermal-infrared data intelligence from space to provide us with practical insights regarding the temperature of the globe. It is getting ready to send its second camera into space in 2023 after recently securing more funding.
OroraTech introduced their ground-breaking uncooled thermal-infrared camera in 2022 with a vision to employ thermal intelligence for a sustainable planet, using it to offer clients worldwide useful insights. The startup is currently utilizing this technology for its Wildfire Intelligence Solution, which uses third-party data for wildfire monitoring and detection. It is utilized by customers all over the world to protect more than 160 million hectares of forest and detect over 100,000 fires every day.
Wildfires are responsible for between 17 and 20 percent of the world’s annual carbon emissions and $10 billion in insured losses. The prospect of attaining the Sustainable Development Goals (SDGs) for biodiversity, water, health, land life, and climate is significantly impacted by this.
We support businesses that have the potential to have a significant beneficial influence on the environment, according to Joost Van Laer, investment manager at Edaphon. The first commercial Wildfire Intelligence Solution from OroraTech, the team’s excellent characteristics, and complementarity, as well as their desire to continue creating high-impact solutions in the years to come, all left an impression on us.
The German company OroraTech is making a name for itself in this market as the first commercial entity to have a thermal-infrared camera in space. Long-wave infrared (LWIR) and medium-wave infrared (MWIR) data from OroraTech’s thermal infrared camera reveal the hidden world (MWIR). LWIR is a thermal-infrared camera that is employed in industry to record an object’s ambient temperature (between -30 and +80 °C). Fire, for example, is a different extreme occurrence that is extremely hot. To distinguish hot things from low-temperature objects extraordinarily well, OroraTech additionally employs the MWIR band.
OroraTech already collaborates with data analytics firms, business solution providers, and institutions as a result of the expanding market need for thermal-infrared data insights. As an illustration, industry activity monitoring for plume detection and gas flare volume estimation, urban heat island monitoring and mapping for improved heat wave prediction, and cooling degree day estimation.
The camera doesn’t need cooling because of its proprietary design, which reduces costs significantly and outperforms IoT sensors on the ground and drones in the air. To evaluate data in orbit and provide insights in real-time, the system is also equipped with inter-satellite communication and AI-based onboard processing capabilities.
The business wants to send 100 cameras into space by the year 2026, providing global data every 30 minutes.
In 2022, OroraTech, with its headquarters in Munich, Germany, increased its reach by hiring professionals in the US, Canada, and Luxembourg. In May 2023, OroraTech will launch its second thermal-infrared camera into orbit as part of an expansion of its climate solutions portfolio made possible by this new funding.
CEO of OroraTech Thomas Grübler said, “I am extremely proud of what we have accomplished in a year – launching our first camera into orbit that has exceeded our expectations and has no counterpart in the world. With the additional money, we will be able to quickly expand to new use cases and introduce our second camera.”
Thomas further added, “The investor community has recognized OroraTech’s rapid growth, and I am delighted to welcome Edaphon as a new investor. We will expedite OroraTech’s goal to take the Earth’s temperature every 30 minutes and deliver thermal-infrared insights for transparency and better decision-making in collaboration with our current investors and sector experts.”
Image Credit: OroraTech
