Munich-based startup OroraTech has closed a €25 million Series B funding round that it will utilize to expand its wildfire monitoring service into new markets.
OroraTech was founded in 2018 with the aim of developing an early-warning system for wildfires. The company currently operates two small satellites in low Earth orbit, a constellation that it plans to expand to as many as 100 satellites.
On 15 October, the company announced that it had closed its most recent funding round raising €25 million in new funding. The round was led by Korys, the European Circular Bioeconomy Fund, and Bayern Kapital, a current investor. It also included contributions from other existing investors Edaphon, Ananda Impact Ventures, ConActivity, and Findus Venture.
According to an OroraTech press release, the company plans to utilize the funds to expand its existing footprint in North America and the Asia Pacific region. It will also be used to advance its orbital thermal sensor network and predictive AI systems.
To date, the company has been contracted to supply wildfire monitoring data to Australia, the Canadian Space Agency, and the European Union. Most recently, the European Space Agency, on behalf of Greece, awarded Ororatech a €20 million contract to provide the country with wildfire monitoring data and four thermal infrared satellites. The satellites will form part of an Earth observation constellation currently being developed by the country.
