US: Orbital Insight, a start-up company focused on creating market intelligence for decision makers and investors in a wide range of industries, has partnered with Sequoia in a $8.7 million Series A round, with participation by Bloomberg Beta, Google Ventures, citizen.vc and Lux Capital. Dr. Bill Coughran represents Sequoia on the Orbital Insight board.
The company uses expertise in image processing, neural networks, machine learning, and statistical analysis to glean valuable insights from satellite images for a diverse body of customers, including hedge funds, real estate developers, insurance companies, government agencies, and international development and environmental non-profit organisations.
“There are so many possibilities for satellite images to help us better understand the world we live in today,” said Orbital Insight Founder, Dr. James Crawford. “We are looking at the world in a new way by processing millions of satellite images at a time and analysing them through neural networks. This ‘macroscope’ can help all kinds of companies better understand their industry, context, and future.”
So far, the company has developed data products that forecast end-of-season crop harvest based upon mid-season spectral analysis and quarterly retail performance based upon counting cars in parking lots, as well as measure the rate of construction in China’s real estate sector and the fluctuations in global crude oil inventories months ahead of similar figures reported by other organizations.
Source: Orbital Insight