by Clarence Oxford
Los Angeles CA (SPX) Nov 08, 2024
Horizon Technology Finance Corporation (NASDAQ: HRZN) has extended a $10 million venture loan facility to Ursa Space Systems Inc. ("Ursa Space") to support the satellite intelligence company's growth and operational funding needs.
Specializing in advanced satellite intelligence, Ursa Space serves a diverse client base of government and commercial entities. The company's cutting-edge platform integrates Synthetic Aperture Radar (SAR), Electro-Optical, and Radio Frequency data with AI-driven processing to provide immediate and automated change detection capabilities. With access to over 55 million satellite images, Ursa Space delivers essential intelligence solutions tailored for both custom and subscription-based clients. Leading investors such as Dorilton Capital, RRE Ventures, and Paladin Capital Group back Ursa Space, reinforcing its position in the satellite intelligence industry.
"Ursa Space stands at the forefront of satellite intelligence, delivering reliable, all-weather monitoring and rapid analysis capabilities that have proven invaluable," said Gerald A. Michaud, President of Horizon. "With its sophisticated AI-enabled platform and proven track record for both governmental and commercial clients, Ursa Space is well-positioned to expand its market share, and we are pleased to support its continued growth."
Adam Maher, Chief Executive Officer of Ursa Space Systems, emphasized the importance of Horizon's support, saying, "We are excited to have Horizon's support as we continue to advance our satellite intelligence platform. This partnership strengthens our ability to deliver innovative, real-time solutions to our expanding customer base, thereby furthering our mission of providing decision-makers worldwide with unmatched global monitoring services."
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