Leeds tech company, SatSense, has secured £1.5 million as the firm readies the launch of its new online platform.
The platform will be the first to give engineers and other professionals instant access to up-to-date information on ground movements at sites throughout the UK and beyond.
The funding for SatSense, whose technology can detect subsidence from satellite data, comes from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, and the Government’s Future Fund.
SatSense was launched in 2018 by Professors Tim Wright and Andy Hooper from the University of Leeds, who had spent a combined 35 years developing the algorithms.
The latest investment will allow it to further develop the product and boost its seven-strong team, creating six new jobs in the year ahead. It is the third funding round by NPIF – Mercia Equity Finance and brings the total raised by the company to almost GBP3 million.
“The SatSense founders have taken technology that was once only available to governments and research institutes and made it accessible for day-to-day business use,” said SatSense CEO Mathew Bray.
“Our system is the only one that offers instant access to highly accurate, near real-time data over huge areas. The service will become all the more important given the impact of climate change.
“As hotter summers and wetter winters exacerbate seasonal changes in ground conditions, it will allow us to identify areas worst affected and provide warnings on infrastructure or properties at risk.”
Will Clark, Head of Equity at Mercia, says: “SatSense’s technology marks a step change in our ability to monitor sites remotely and detect changes at an early stage. We believe it has potential for worldwide use to help reduce costs and prevent future disasters.”