Umbra, a Santa Barbara-based intelligence and technology company, has raised USD32 million in an equity financing led by the family office venture fund of John Burbank, founder of hedge fund Passport Capital.
The company’s existing investors – CrossCut Ventures, Starbridge Ventures, Hemisphere Ventures, PonValley, and others – also participated. Umbra is the inventor of a micro-satellite that can see through clouds, at night, in high resolution (<25 cm GSD). The company has agreements to deliver data to the United States government and commercial geospatial intelligence (GEOINT) firms.
Umbra was founded with a contract from a prime aerospace and defence firm, and used this capital to build hardware for its commercial mission without equity financing, and to remain American owned, controlled, and operated.
David Langan, Umbra’s CEO, says: “Umbra has been on the inside looking out, which gave us an advantage with the United States government and primes, ultimately allowing us to win important contracts critical to future space architectures.”
Read more/Source: Private Equity Wire
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