SatSense, a Leeds, UK-based satellite data company, raised £750k in seed funding.
The investment came from NPIF – Mercia Equity Finance, which is part of the Northern Powerhouse Investment Fund, Unipart Rail and the University of Leeds.
The company intends to use the funds to bring the technology to market and recruit a managing director for the business, as well as to expand the development team.
Co-founded by two University of Leeds professors, Tim Wright and Andy Hooper, SatSense developed software that detects subsidence using satellite data.
SatSense can precisely measure changes in ground movement down to as little as 1mm per year. These changes can be used to establish the cause of subsidence – for example, tree roots, shallow landslides or pumping of water from the ground. Satsense results could also have a much wider use in the continuous monitoring of critical infrastructure such as bridges, railways, dams, as well as oil and gas production sites.
Subsidence data is used by home buyers, surveyors, mortgage lenders and insurers.
FinSMEs
01/06/2018