Insider Brief:
- NorthStar Earth & Space raises US $35 million in Series C funding round with US-based private equity lead Cartesian Capital Group.
- The company will use the funding to launch its advanced Space Situational Awareness services by mid-2023.
- NorthStar is the first commercial enterprise to monitor all near-Earth orbits and combine their data to provide more extensive coverage.
PRESS RELEASE — Montreal / January 5, 2023 – NorthStar Earth & Space Inc. (“NorthStar”) continues to accelerate its space-based Space Situational Awareness (“SSA”) services with the closing of this US $35 million Series C funding round with US-based private equity lead Cartesian Capital Group, LLC, (“Cartesian”) through an affiliated entity, Pangaea Three Acquisition Holdings III, LLC. The round also includes investment from Telesystem Space Inc., the Luxembourg Future Fund – Co-Investments SA, the Government of Quebec through its mandatary Investissement Quebec, and the Luxembourg Space Sector Development Fund SCSp, which is supported by leading global content connectivity solutions provider SES and the Luxembourg Government. This investment will accelerate NorthStar’s product launch and commercialization of its SSA services.
“NorthStar is privileged to have the support of Cartesian to lead an international consortium of experienced and industry savvy investors,” said Stewart Bain, CEO of NorthStar. “The prestigious array of participants reflects the immense importance of NorthStar’s mission to preserve the space environment now and for future generations.”
NorthStar is the first commercial enterprise to monitor all near-Earth orbits from space and combine data from a variety of ground-based sensors to provide more extensive coverage. The company’s high precision, next generation navigation and tracking services enable all satellite operators to manage their fleets more effectively, enhance spaceflight safety, avoid collisions, and promote space sustainability.
“Cartesian recognizes the transformational potential of NorthStar’s next generation services for the space economy,” said Beth Michelson, Partner at Cartesian. “NorthStar’s unique approach to providing complete coverage of space is critical to safeguarding essential space infrastructure.”
Both Beth Michelson and Paul Pizzani from Cartesian will be joining NorthStar’s Board of Directors.
Contact Information:
NorthStar media relations: [email protected]
SOURCE: NorthStar
Featured image: Courtesy of NorthStar
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