Astraea Inc., a Charlottesville company behind a software-as-a-service platform that utilizes satellite insights to help customers across several industries, has raised $6.5 million in an oversubscribed Series A round.
The new funding is led by Aligned Climate Capital, a bicoastal investment firm focused on companies decarbonizing the economy, and Earlysville, Virginia’s Carbon Drawdown Collective. Other participants in the round include University of Virginia nonprofit network CAV Angels; Vero Beach, Florida’s Tydall Investment Partners; and a return investment from the University of Virginia Seed Fund.
Astraea said in an announcement Aligned’s lead investment is for $3 million. Astraea reported 15 total investors in the round, according to a Securities and Exchange Commission filing.
Astraea says its platform, called EarthAI, uses geospatial data from more than 1,000 satellites to address climate change. The platform produces satellite insights using artificial intelligence, machine learning and cloud computing technologies and the company says that intel can be used across multiple industries, including clean energy, agriculture, conservation and real estate.
The company said it will use the infusion of cash to support business development, hire data scientists and expand commercial partnerships with satellite data providers.
The new round brings Astraea's lifetime funding to $16.5 million, according to Crunchbase.
The company was co-founded in 2016 by Daniel Bailey, Matthew Eldridge, Simeon Fitch, Brendan Richardson and Dr. Kim Scott. Richardson is the CEO.
On the heels of raising $7.3 million in debt and equity in late 2020, Richardson told Richmond Inno at the time the company was going to use 2021 to fine-tune its platform by gauging customer interest.
The company takes its name from the Greek goddess of justice, innocence, purity and precision.
