Two University of Leeds professors, who have developed software that detects subsidence using satellite data, have launched a new spin-out company supported by £750,000 in seed funding.
The investment in SatSense has been provided by NPIF – Mercia Equity Finance which is part of the Northern Powerhouse Investment Fund, Unipart Rail and the University of Leeds.
Professors Tim Wright and Andy Hooper from the University of Leeds have spent more than ten years developing the SatSense algorithms to extract usable and reliable measurements of ground motion from satellite radar images.
The technology can precisely measure changes in ground movement down to as little as 1mm per year. These changes can be used to establish the cause of subsidence – for example, tree roots, shallow landslides or pumping of water from the ground.
The investment will allow them to bring the technology to market and recruit a managing director for the business, as well as to expand the development team.
Lisa Ward, investment director with Mercia Fund Managers, which manages NPIF – Mercia Equity Finance, said: “While SatSense is a very early stage company, its technology represents a step change in resolution and accuracy over anything that is currently on the market. The team have actively engaged with potential customers and clearly have a product that is in demand. The funding will allow them to take the first step into what is potentially a huge worldwide market.”
Noel Travers, managing director of Unipart Rail, added: “Satsense presents an exciting investment for Unipart Rail. The emerging Earth Observation market provides scope for considerable growth over the next decade and Satsense is now well placed to capitalise on this.
“The resolution and accuracy of Satsense’s Software creates new opportunities to better monitor and manage critical infrastructure. Satsense allows cost-effective continuous and real time monitoring of large disparate asset bases, such as rail networks, in way not possible before. We are delighted to be working with the Satsense team.”
Source: £750,000 seed funding for University of Leeds spin-out | Insider Media Ltd
