Aspia Space lands ‘milestone’ investment

A Cornwall-based technology company is set to expand after securing significant investment.

Aspia Space, an Earth Observation (EO) specialist, has raised £2.25 million, including a £1 million equity injection from the British Business Bank’s South West Investment Fund via The FSE Group. 

Founded in 2021 and based at Tremough, near Falmouth, Aspia Space applies its proprietary platform to agriculture, insurance, land management and environmental monitoring. 

By converting continuous streams of observational data into actionable insights, the platform helps organisations make timely, data-driven decisions while improving efficiency, productivity and sustainability.

Bosses say the funding will support the growth of Aspia’s land intelligence platform, which uses two advanced AI technologies: ClearSky, a deep learning algorithm delivering uninterrupted, cloud-free satellite imagery; and EarthPT, the company’s foundation model for EO. 

They add the company plans to create ten new roles over the next 12 months and aims to grow its team to more than 100 by 2030.

Professor James Geach, co-founder and chief scientific officer at Aspia Space, said:

“At Aspia we are passionate about bridging the gap between state-of-the-art technology at the interface of AI and EO and the consumability of land intelligence data derived from it.

“We’ve developed a market-leading, unified solution for consumers of downstream EO analytics, and this investment will enable us to deliver our products to a much broader market. 

“This is a key milestone on our journey to becoming a £40 million turnover business within five years. 

“We’re delighted to receive this funding and are excited about the next phase of our growth.”

Anna Staevska, investment manager at The FSE Group, added: “Aspia Space’s technology is far ahead of the curve in a rapidly expanding market. 

“Their strong leadership, deep scientific foundations and robust intellectual property place them in an excellent position to lead ongoing innovation in EO. 

“Their offering outperforms many other ventures in this area, and we’re excited to support them as they work towards ambitious growth targets.”

Aspia enters the EO market at a time of rapid growth. 

Industry forecasts suggest the EO insights sector could exceed $700 billion by 2030, driven by rising demand for sustainable agriculture, climate adaptation and disaster risk management. 

The South West Investment Fund offers loans from £25,000 to £100,000, debt finance up to £2 million, and equity investment up to £5 million, helping smaller businesses access funding they might otherwise struggle to secure.

Paul Jones, senior investment manager at the British Business Bank, added: “By combining world-class AI expertise with a clear vision for tackling global challenges, Aspia Space is positioning the UK at the forefront of the rapidly expanding Earth Observation market. 

“The South West Investment Fund was created to help pioneering businesses like this realise their growth potential, create high-value jobs, and deliver real economic and environmental impact. 

“We are delighted to support their next phase of growth.”

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