The UK-based start-up Value.Space completed a successful and oversubscribed second close of its seed round investment, raising €2.1 million to accelerate growth. Participating in the round were Specialist VC, Superangel, Lemonade Stand, Inventure, BADideas.fund, Amalfi and Linnar Viik, the former IT advisor to the Prime Minister of Estonia.
Value.Space's monitoring technology is based on data gathered by satellites detecting millimetre scale anomalies in large infrastructure objects, which could pose risks to the structure’s integrity - an insurance company's dream. The tool can be used for loss prevention and pricing in the structural health of objects like dams, mines or large-scale commercial property - space-borne monitoring speeds up the process.
“We are delighted to have excellent investors backing our growth. The facts speak for themselves: in March, Swiss Re estimated that in 2021 natural catastrophes resulted in economic losses of $270 billion, of which $111 billion were insured losses. That is a big protection gap. We are now able to provide a new and scalable way to make risks and opportunities quantifiable that the insurance market needs to manage and absorb future risks,” says Reijo Pold
, founder of Value.Space and Chief Strategy Officer.
“Solid backing from investors will help us to boost the capture of market share with our pioneering product for the insurance industry and quickly expand our product offer to other segments in the finance industry," he adds.
“We believe Value.Space’s novel satellite-based approach to monitoring and assessing risks related to critical infrastructure has the potential to transform the way these objects are profiled and maintained. We are excited to back the founding team whose vision and product help detect climate change related risks in ageing infrastructure, significantly increasing public safety,” says Gerri Kodres, the Founding Partner of Specialist VC.