Leeds Tech Firm SatSense Secures Investment
Leeds-based tech firm secures fresh £1.5million investment.
19:42 15 April 2021
Leeds-based company SatSense, which can detect subsidence from satellite data, has secured £1.5million fresh funding from NPIF - Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
The investment follows the firm's launch of an online platform designed to provide information on ground movement sites throughout the United Kingdom. The technology can be used by engineers and other professionals in conveyancing matters as well as utility firms or asset managers by providing early warnings of changing ground conditions.
SatSense CEO Matthew Bray said: “The SatSense founders have taken technology that was once only available to governments and research institutes and made it accessible for day to day business use.
“Our system is the only one that offers instant access to highly accurate, near real-time data over huge areas. The service will become all the more important given the impact of climate change. As hotter summers and wetter winters exacerbate seasonal changes in ground conditions, it will allow us to identify areas worst affected and provide warnings on infrastructure or properties at risk.”
Will Clark, head of equity at Mercia, said: “Subsidence is not only a costly problem for property owners, it is also a major hazard. Landslips, the failure of bridges or dams and even sinkholes can result in widespread disruption and loss of life.
“SatSense’s technology marks a step change in our ability to monitor sites remotely and detect changes at an early stage. We believe it has potential for worldwide use to help reduce costs and prevent future disasters.”