Sidus Space Inc (NASDAQ:SIDU) said it has signed an agreement with SkyWatch for use of its TerraStream data-management platform.
This company said it expects the agreement to accelerate the expansion of its commercial data distribution strategy which includes white labeling data for existing customers as well as driving growth of new data customers.
Serving as a key contributor to the Space data marketplace, it also expects the agreement to generate additional revenue and engage customers that otherwise may not have connected with Sidus.
“A key part of our business plan has always included monetizing high-impact data for insights on virtually every commercial sector, and, as we prepare to launch LizzieSat this year, this agreement represents an important milestone on that journey,” Sidus Space founder and CEO Carol Craig said in a statement. “As new customers and industries begin to understand how Space-based data can impact business strategy, we believe that Sidus is well-positioned to capitalize on the increasing demand.”
READ: Sidus Space looks ahead to 'transformational' 2023 after major revenue growth in first year as public company
The company explained that the TerraStream platform provides end-to-end data management and distribution capabilities to satellite operators, and provides an accelerated path to grow revenue and new markets through EarthCache, SkyWatch’s remote sensing platform.
Utilizing TerraStream eliminates the need for costly IT infrastructure, enabling it to provide cost-effective access to Space-based data and deliver on its mission of “Bringing Space Down To Earth”. The company said it expects that its revenue mix will include a variety of users and industries. More specifically, an increase in remote sensing data customers and analytics subscriptions.
Sidus said the maiden flight of its multi-mission satellite constellation, is expected to launch in 2023 into a mid-inclination Low Earth Orbit from Cape Canaveral, Florida. LizzieSat-1 will supply mission-based data to clients and consumers focused on climate change, maritime shipping industry activities, and other commercially relevant interests.
“We’re thrilled to partner with Sidus Space on their mission to ‘Bring Space Down to Earth’,” said Joel Cumming, Chief Technology Officer at SkyWatch. “We share a mission to make Earth observation and remote sensing data more accessible to solve critical issues, and we look forward to working with the team at Sidus as they continue this important work.”
Located in Cape Canaveral, Florida, Sidus Space operates from a 35,000-square-foot manufacturing, assembly, integration, and testing facility focused on commercial satellite design, manufacture, launch, and data collection.
Contact the author at stephen.gunnion@proactiveinvestors.com