Spire’s 100th satellite flies into space on board a Polar Satellite Launch Vehicle on April 1, 2019.
It was only a year ago that Spire Global, which was co-founded by alums of the Forbes 30 Under 30, launched its 100th satellite into space to build out its weather monitoring business.
New results from the privately held company (which only discloses a portion of its financials) show that the April 1, 2019 launch was just one milestone helping to boost the company to new business highs.
Spire’s maritime business unit showed a four-fold increase in bookings in 2019 as the unit undertook expansion in many forms: moving into Asia, creating its first weather product for the maritime industry, and offering more innovation in vessel tracking, among other milestones.
The company overall has also shown strong financial results in the past year, including raising $40 million in mid-2019 and earning enough customer trust for 98 percent of them to renew bookings amid the novel coronavirus pandemic. Spire further plans to announce a new strategic alliance on Wednesday (April 15).
Map of Asia showing Spire Global’s capabilities using different types of automatic identification … [+]
One of the company’s innovative data directions lately has been repurposing information gathered using traditional ship-tracking technology. This tracking, called automatic identification system (AIS), broadcasts information about individual vessels at sea such as their destinations, ports of origin or nationalities.
Spire has created products to improve ship monitoring from orbit, and to use artificial intelligence for new insights (such as historical patterns) on maritime traffic, and said Monday (April 13) that its AIS growth thus quadrupled in the maritime segment.
“Spire has created tools and solutions that are fundamentally transforming the maritime industry,” said John Lusk, Spire’s vice-president of global data solutions, in a statement.
“The shipping industry, historically, has been a laggard when it comes to technology innovation and digital transformation,” he added. “We are laser-focused on not only creating actual value for our recurring customers, but also ensuring that we take the time and effort necessary to help our customers understand how our data can help to drive cost efficiencies.”
The company added that Spire Maritime’s success will spur innovations in other product lines in 2020, including in the aviation and weather verticals.