Xoople Raises $130 Million to Revolutionize Geospatial AI

Xoople Raises $130 Million for Its AI Satellites

For several years, space data companies have claimed that the private sector needs their products. However, the majority of adoption comes from government buyers. Today, with artificial intelligence at the forefront of business concerns, a Spanish startup, Xoople, aims to become the go-to source for reliable data for enterprises.

Founded in 2019, Xoople is developing a constellation of satellites designed to collect precise data for deep learning models. Over the past seven years, the startup has worked to develop its technology by leveraging data collected by government spacecraft and integrating with cloud providers.

Xoople's CEO and co-founder, Fabrizio Pirondini, announced that the company has closed a $130 million Series B funding round. This round was led by Nazca Capital, with participation from other investors such as MCH Private Equity, CDTI, a technology development fund supported by the Spanish government, Buenavista Equity Partners, and Endeavor Catalyst.

A Strategic Partnership with L3Harris

The company also revealed an agreement with L3Harris Technologies, an American space and defense contractor, to begin building sensors for Xoople's spacecraft. These sensors are designed to collect "a data stream that will be two orders of magnitude better than existing surveillance systems," according to Pirondini. L3Harris is known for having built some of the most advanced commercial imaging systems in orbit.

Although Pirondini did not share details on the number of satellites the company plans to build, he specified that the sensors will collect optical data. These systems are costly, and the company continues to raise funds to finance their full development.

An Integration Strategy Before Production

Pirondini declined to share the valuation of his company after this funding round, merely noting that "we are in unicorn territory." So far, Xoople has raised a total of $225 million. The company's focus on data quality is a key differentiating factor. However, Xoople is entering an already crowded sector with several mature competitors, including Vantor, Planet, BlackSky, and Airbus in Europe, which are already operating satellites in orbit and developing AI-focused datasets.

Xoople's distinguishing feature is its orientation towards enterprise platforms. "Our business model is to integrate our data and solutions directly into their ecosystem so they can provide these services directly to their customers," said Pirondini.

Pirondini described use cases, including government agencies tracking transportation networks and damage from natural disasters, the agri-food industry monitoring crop health, or large companies overseeing infrastructure projects or supply chains.

Towards a Global AI Model

Aravind Ravichandran, CEO of TerraWatch Space, a consulting firm in the Earth observation sector, stated that Xoople's decision to prepare its distribution strategy before having its own data is intriguing. For now, it relies on publicly available data, such as that collected by the European Space Agency's Sentinel-2 satellite.

"They have laid the groundwork for distribution before having their own data supply — integrating with Microsoft and Esri, the two platforms where businesses, government, and most GIS buyers already operate, but neither has proprietary EO data," said Ravichandran. "Google's lead in geospatial AI models is the benchmark against which they will be measured."

It is unclear what balance Xoople will establish between providing raw data and developing its own analytical tools, but Pirondini hopes to build the "Earth Record System," a project he plans to associate with the development of a true global AI model with partners.