Jane Edwards
Booz Allen Hamilton’s venture capital arm has invested in space company Albedo to accelerate the delivery of space data and other capabilities to federal government and commercial clients and support the deployment of the latter’s satellite constellation.
Albedo builds very low Earth orbit satellites designed to collect ultra-high resolution thermal imagery to help customers in the defense, agriculture, energy, utilities and insurance industries speed up their decision-making process, Booz Allen said Tuesday.
Travis Bales, managing director of Booz Allen Ventures, said Albedo seeks to make imagery-as-a-service and high-resolution imagery more accessible for federal government and commercial clients.
“We invested in Albedo because of their approach: successfully combining high-resolution imaging typical of aerial, unmanned aerial vehicle (UAV), and balloon platforms with the scalable, persistent, global coverage of satellites. This unlocks vast applications across multiple sectors, including defense and intelligence, climate, infrastructure, agriculture, energy, and urban planning, and we couldn’t be more excited,” added Bales.
Booz Allen Ventures participated in Albedo’s Series A-1 funding round led by Standard Investments.
Albedo said it raised $35 million in the funding round, bringing its total financing to $97 million.
Other investors that took part in the financing round are Cubit Capital, Bill Perkins, Breakthrough Energy Ventures, Shield Capital, Initialized Capital, Y Combinator, Giant Step Capital and Republic Capital.
