What are the fundraising trends in the earth observation market?
In our updated market reports, you will find everything you need
SUMMARY
We analyzed publicly disclosed equity rounds raised by pure-play earth observation companies between January 2024 and July 2026. We only kept rounds of $300K or more, excluded grants, debt, undisclosed rounds, public-market transactions, acquisitions, and adjacent space companies, and focused on businesses where satellite or aerial observation data is turned into commercial intelligence.
The earth observation market has become much larger in 2026, but the headline number is heavily concentrated. YTD 2026 funding reached about $906M across 15 deals, compared with about $69M across 6 deals over the comparable period in 2025.
The clean full-year comparison is more cautious. Full-year funding fell from about $469M in 2024 to about $295M in 2025, while deal count dropped from 20 to 12. That means 2025 was a real cooling year before the strong 2026 rebound.
The 2026 rebound is driven by both more deals and much larger rounds. Deal count rose 2.5x versus the comparable 2025 period, but capital rose more than 13x, which means large rounds did most of the work.
ICEYE is the most important single company in the earth observation market. Its counted rounds were the largest in 2024, 2025, and YTD 2026, and its $520M primary financing alone represented about 57% of YTD 2026 capital.
SAR Imagery is the dominant capital category. SAR captured about 31% of full-year 2024 capital, 59% of full-year 2025 capital, and 60% of YTD 2026 capital, showing persistent investor preference for all-weather, defense-relevant sensing.
Geospatial Analytics is the most active YTD 2026 category by deal count. It represented 5 of 15 YTD 2026 deals and about $183M of capital, helped by Xoople, LiveEO, SkyFi, The Compression Company, and Another Earth.
Europe has become the clear capital center of the earth observation market. Europe captured about 39% of 2024 capital, 88% of 2025 capital, and 87% of YTD 2026 capital, even though North America still produced a large share of YTD 2026 deals.
New startups are still entering the earth observation market, but they are not receiving much capital. First financings represented 20% of YTD 2026 deals but only about 1.5% of YTD 2026 capital.
The earth observation market is increasingly winner-takes-most by capital. The largest YTD 2026 deal captured 57% of capital, the top three deals captured 78%, and the bottom half of deals captured less than 5%.
Is more or less capital going into the earth observation market?
More capital is going into the earth observation market in the freshest period, but the increase should be read as a concentrated rebound rather than a broad, evenly distributed boom. YTD 2026 funding reached about $906M across 15 deals, versus about $69M across 6 deals over the comparable period in 2025.
The recent comparison is dramatic because 2026 includes several large strategic rounds. ICEYE raised $520M of counted primary capital, Xoople raised $130M, and Hydrosat raised $60M. Those three rounds together explain most of the difference between early 2026 and early 2025.
The full-year comparison gives a more reliable structural baseline. Full-year earth observation funding fell from about $469M in 2024 to about $295M in 2025, while deal count fell from 20 to 12. So the market did not move smoothly upward from 2024 to 2025; it contracted before rebounding sharply in 2026.
The best interpretation is that the earth observation market is getting more capital again, but the capital is not spreading equally across the category. The recent recovery is real because both deal count and dollars improved, but the headline number is highly dependent on a small number of strategically validated platforms.
Is earth observation funding driven by more deals or larger rounds?
Earth observation funding in 2026 is being driven by both more deals and larger rounds, but larger rounds are the main reason capital has surged. Deal count rose from 6 deals over the comparable 2025 period to 15 deals in YTD 2026, while total capital rose from about $69M to about $906M.
That difference matters. A 2.5x increase in deal count is meaningful, but a more than 13x increase in capital means the earth observation market is not merely seeing more companies raise. It is seeing a handful of companies raise much larger strategic checks.
Round-size metrics confirm the same point. The average YTD 2026 round was about $60M, versus about $11M over the comparable 2025 period. The median round also rose, from about $11M to $17M, but the average rose far more because of outliers such as ICEYE, Xoople, Hydrosat, constellr, and SatVu.
The full-year comparison between 2024 and 2025 was weaker. Full-year deal count fell from 20 to 12, and median round size dropped from about $16M to about $8M. So the 2026 rebound is not just the continuation of a smooth expansion; it is a recovery powered by scale rounds after a thinner 2025.
Is earth observation capital moving toward later-stage or earlier-stage companies?
Earth observation capital is still moving mainly toward later-stage companies, even though early-stage deal count is active. In YTD 2026, Seed and Series A rounds made up 11 of 15 deals, but Series B and later rounds captured about 78% of total capital.
This split is the core stage signal. The earth observation market is producing many Seed and Series A financings, especially around GeoAI, compression, radar, simulation, thermal intelligence, and defense intelligence. But the biggest checks still go to companies with more proof of technical execution, customers, or strategic relevance.
The same pattern held in prior years. Series B and later rounds captured about 76% of full-year 2024 capital and about 84% of full-year 2025 capital. Across 2024, 2025, and YTD 2026, the majority of dollars consistently went to later-stage companies.
The practical takeaway is that the earth observation market is not starving early-stage companies, but it is underwriting them cautiously. Early-stage companies can raise, while late-stage companies and category leaders absorb the capital needed to scale constellations, data infrastructure, and sovereign-grade intelligence products.
Is the earth observation market maturing or still experimental?
The earth observation market is maturing at the top and still experimental at the bottom. The largest funding rounds are going to companies with strategic infrastructure value, while many smaller rounds are still testing new sensing modalities, AI workflows, data infrastructure, and vertical applications.
The maturation signal is visible in the capital split. Series B and later rounds captured about 76% of 2024 funding, 84% of 2025 funding, and 78% of YTD 2026 funding. That is not the profile of a purely experimental market.
The experimental layer is visible in the deal count. So far in 2026, Seed and Series A rounds represented 73% of all deals. Companies such as The Compression Company, Another Earth, Worldscape AI, Kapta Space, Neural Earth, SatLeo Labs, and Kelluu show that investors are still testing new company types around the edges of the market.
The better interpretation is that the earth observation market has moved past the question of whether Earth imagery can be useful. The market is now deciding which companies can turn differentiated observation data into repeatable operational intelligence for defense, infrastructure, climate, insurance, agriculture, and AI systems.
Are new startups still entering the earth observation market?
Yes, new startups are still entering the earth observation market, but new entrants are receiving only a small share of total capital. First financings represented 20% of YTD 2026 deals but only about 1.5% of YTD 2026 capital.
This is a consistent pattern, not a one-period anomaly. In 2024, first financings represented 15% of deals and about 4% of capital. In 2025, they represented 33% of deals and about 6% of capital. The market keeps forming new companies, but most capital still goes to follow-on rounds.
The new-company layer is also changing. The Compression Company raised for EO-specific data compression, Another Earth raised for AI data and simulation infrastructure, and Worldscape AI raised for geospatial intelligence workflows. These are narrow bets around specific bottlenecks, not generic satellite-imagery companies.
The practical read is that new opportunities are welcome, but they are being funded as experiments. The earth observation market is not closed to formation, yet investors are saving the largest checks for companies that already have technical validation, deployed assets, customer traction, or sovereign relevance.
Are more investors entering the earth observation market?
More investors appear to be entering or re-entering the earth observation market in 2026, although the signal is partly inflated by large syndicated rounds. YTD 2026 had at least 84 named disclosed investors, compared with approximately 27 over the comparable 2025 period.
Tier-1 investor breadth also improved in the freshest comparison. The comparable 2025 period had 8 identified tier-1 investors, while YTD 2026 had 13, including General Atlantic, TCV, Qatar Investment Authority, NATO Innovation Fund, European Innovation Council Fund, Y Combinator, Lockheed Martin, Nokia, Solidium, Tesi, British Business Bank, Lakestar, and Seraphim Space Fund.
The full-year comparison is more cautious. Full-year 2024 had approximately 105 disclosed investors and 43 tier-1 investors, while full-year 2025 had approximately 58 disclosed investors and 15 tier-1 investors. That means investor breadth fell materially in 2025 before recovering in 2026.
The honest interpretation is that investor participation has broadened again, but not randomly. The strongest investor return is clustered around SAR, defense, thermal intelligence, infrastructure monitoring, sovereign capability, and AI-ready geospatial infrastructure.
Are top investors getting more or less active in earth observation?
Top investors are getting more active again in the earth observation market, but their activity is concentrated in strategic rounds rather than spread evenly across the whole market. YTD 2026 includes repeat investors and more recognized strategic or sovereign-capital names than the comparable 2025 period.
The repeat-investor signal improved. In full-year 2025, no disclosed investor appeared in more than one qualifying earth observation equity deal. So far in 2026, NATO Innovation Fund, Washington Harbour Partners, and Tesi each appeared in more than one included deal.
The quality of investor participation also changed. YTD 2026 includes General Atlantic, TCV, Qatar Investment Authority, NATO Innovation Fund, European Innovation Council Fund, Y Combinator, Lockheed Martin, Nokia, Solidium, Tesi, British Business Bank, Lakestar, and Seraphim Space Fund. That mix points toward strategic infrastructure and national-capability logic, not just classic venture capital.
The caveat is that top-investor activity has not returned to the full-year 2024 breadth. Full-year 2024 had 43 unique tier-1 investors, while YTD 2026 had 13. The earth observation market is clearly regaining top-investor attention, but the attention is selective and concentrated around the most strategically relevant companies.
Which earth observation subcategories are gaining momentum?
SAR Imagery, Geospatial Analytics, Defense Intelligence, and thermal climate intelligence are gaining the most momentum in the earth observation market. Each category is gaining for a different reason: SAR for strategic sensing, geospatial analytics for workflow and AI infrastructure, defense for urgency, and thermal intelligence for operational climate and security use cases.
SAR Imagery is the clearest capital winner. SAR captured about 31% of full-year 2024 capital, 59% of full-year 2025 capital, and 60% of YTD 2026 capital. That sustained share shows that all-weather, day-night, defense-relevant sensing has become the premium funding category.
Geospatial Analytics is gaining by deal count and by strategic relevance. It had 5 of 15 YTD 2026 deals, the largest deal count of any category, and captured about $183M of capital. Xoople, LiveEO, SkyFi, The Compression Company, and Another Earth all point to rising investor interest in the software and AI layer around EO data.
Defense Intelligence is also gaining visibility. It had one standalone deal in 2024, no standalone deals in 2025, and 3 standalone deals in YTD 2026. The category is even more important than its label suggests because many SAR, thermal, and geospatial analytics companies also serve defense or sovereign-intelligence workflows.
Which earth observation subcategories are losing momentum?
Optical Satellite Imagery, Agriculture Intelligence, Insurance Risk Analytics, and Maritime Monitoring are losing momentum as standalone funding categories in the earth observation market. These use cases have not disappeared, but they are increasingly being embedded inside broader SAR, thermal, climate, defense, or geospatial analytics platforms.
Optical Satellite Imagery has weakened most visibly. In 2024, optical and hyperspectral imagery had 4 deals and about $77M, or 16% of capital. In 2025, it had 2 deals and about $26M, or 9% of capital. So far in 2026, there were no qualifying standalone optical imagery deals in the provided YTD evidence.
Agriculture Intelligence remains weak as a pure-play category. It had no qualifying deals in 2024, one small seed round in 2025, and no qualifying deals so far in 2026. Agriculture still appears inside companies such as Hydrosat, constellr, SatLeo Labs, and Messium, but investors are not funding many standalone agriculture EO companies.
Insurance Risk Analytics and Maritime Monitoring also look thinner as standalone categories. Insurance had 2 deals in 2024, none in 2025, and one in YTD 2026. Maritime had one qualifying 2024 deal and no standalone qualifying deals in 2025 or YTD 2026. The stronger interpretation is absorption, not disappearance: these workflows are increasingly financed through broader platforms.
Which regions are gaining momentum in earth observation funding?
Europe is gaining the most momentum in earth observation funding, especially by capital, while North America is recovering by deal count. Asia-Pacific remains technically active but much less capitalized.
Europe captured about 39% of full-year 2024 capital, then about 88% of full-year 2025 capital, and about 87% of YTD 2026 capital. That is the strongest regional pattern in the market, and it is driven by large rounds for ICEYE, Xoople, constellr, SatVu, LiveEO, Kelluu, Overstory, OroraTech, Aistech, Titan4, Marble Imaging, and Messium.
North America improved in the freshest comparison. Over the comparable 2025 period, North America had 2 deals and about $25M. So far in 2026, it had 6 deals and about $111M. That is a real recovery, even though North America remains far behind Europe by capital share.
The practical interpretation is that Europe is winning the scale-financing layer, while North America remains active in company formation and mid-sized rounds. The earth observation market is no longer led by North America in capital terms, even though North America remains a major source of companies.
Which regions are losing momentum in earth observation funding?
Asia-Pacific is losing momentum most clearly in earth observation funding, while North America has lost capital leadership versus 2024 despite improving in 2026. Latin America, the Middle East, and Africa remain absent from the qualifying public equity evidence.
Asia-Pacific had 5 deals and about $95M in full-year 2024, equal to about 20% of capital. In full-year 2025, Asia-Pacific had 2 deals and about $10M. In YTD 2026, it had 2 deals and about $7M, less than 1% of total YTD capital.
North America’s decline is relative rather than absolute. Full-year 2024 North America captured about $191M, or 41% of capital. Full-year 2025 North America fell to about $25M, or 8.5%. YTD 2026 improved to about $111M, but that was still only about 12% of capital because Europe captured the largest rounds.
The absence of Latin America, the Middle East, and Africa matters because earth observation use cases are global. The venture-backed pure-play company formation and disclosed equity-financing layer remains concentrated in Europe, North America, and parts of Asia-Pacific.
Is earth observation becoming more global or regionally concentrated?
The earth observation market is becoming more regionally concentrated by capital, even though company formation remains spread across Europe, North America, and Asia-Pacific. The use cases are global, but the scale-financing layer is increasingly European.
In 2024, capital was relatively balanced: North America captured about 41%, Europe 39%, and Asia-Pacific 20%. In 2025, Europe captured about 88% of capital. So far in 2026, Europe again captured about 87% of capital.
Deal count is less concentrated than capital. YTD 2026 had 7 European deals, 6 North American deals, and 2 Asia-Pacific deals. That means Europe did not dominate by company count alone; Europe dominated because it hosted the largest strategic financings.
The better reading is that the earth observation market remains global in relevance and moderately global in deal formation, but regional in large-check access. The companies able to raise the largest rounds are increasingly clustered in Europe, where sovereign, defense, climate, and public-private capital are aligned.
Is earth observation capital moving toward proven winners or new opportunities?
Earth observation capital is moving decisively toward proven winners, while new opportunities are still receiving smaller exploratory checks. In YTD 2026, first financings were 20% of deals but only 1.5% of total capital.
The same pattern appears over the prior full years. First financings represented 15% of deals and 4% of capital in 2024, then 33% of deals and 6% of capital in 2025. New-company formation exists, but it is not where the market puts most of its dollars.
The top-round concentration makes the proven-winner shift obvious. In 2025, the largest deal captured about 55% of full-year capital. In YTD 2026, the largest deal captured about 57%, and the top three captured about 78%.
The largest funded companies are not generic early experiments. ICEYE, Xoople, Hydrosat, constellr, SatVu, LiveEO, Overstory, OroraTech, and Near Space Labs all point toward scaled or scaling platforms with differentiated data, strategic customers, or operational workflows. The market is still funding new ideas, but it is paying up for proof.
Is the earth observation market becoming winner-takes-most?
Yes, the earth observation market is becoming winner-takes-most by capital, even though smaller companies continue to raise. The largest YTD 2026 deal captured about 57% of capital, and the top three deals captured about 78%.
The trend became more extreme after 2024. In full-year 2024, the largest deal captured about 20% of capital and the top three captured about 44%. In full-year 2025, the largest deal captured about 55% and the top three captured about 76%. YTD 2026 stayed near that elevated concentration level.
The bottom-half signal is even sharper. The bottom half of deals captured about 14% of capital in 2024, about 10% in 2025, and less than 5% in YTD 2026. That means the long tail is still alive but becoming less important to aggregate market funding.
The earth observation market is not winner-takes-all because many smaller companies still raise. But it is increasingly winner-takes-most: a few strategic platforms capture the capital, investor attention, and likely scaling advantage.
Is the next wave of earth observation winners becoming visible?
Yes, the next wave of earth observation winners is becoming visible, but the visible winners are clustered in a few areas: SAR and sovereign intelligence, thermal and climate resilience, AI-ready geospatial infrastructure, and persistent defense or infrastructure monitoring.
ICEYE is already the clearest category leader because it produced the largest counted round in 2024, 2025, and YTD 2026. That repeat pattern makes ICEYE more than an outlier; it is the strongest evidence of where investors believe scaled EO value can compound.
Beyond ICEYE, several companies are separating from the pack. Xoople raised $130M, Hydrosat raised $60M, constellr raised $44M, SatVu raised $40M, and LiveEO raised about $33M in YTD 2026. These are not small validation checks; they are scale-up rounds.
The next wave is visible but not settled. Many Seed and Series A companies are still testing GeoAI, compression, simulation, radar, thermal, and aerial-intelligence models. The likely winners will be the companies that connect proprietary data or hard-to-replicate infrastructure to repeatable operational decisions.
Is the earth observation funding landscape fragmenting or consolidating?
The earth observation funding landscape is consolidating by capital while fragmenting by company formation and use-case experimentation. Large checks are concentrating at the top, while smaller deals continue across several technical and application categories.
The consolidation signal is clear. The top three deals captured about 44% of capital in 2024, 76% in 2025, and 78% in YTD 2026. Capital is increasingly clustering around scaled or strategically important companies.
The fragmentation signal is also real. YTD 2026 included SAR Imagery, Geospatial Analytics, Climate Monitoring, Defense Intelligence, and Insurance Risk Analytics. The deal list spans radar manufacturing, satellite imagery access, thermal intelligence, EO data compression, GeoAI simulation, aerial persistence, infrastructure monitoring, and insurance risk analytics.
The best description is asymmetric. The earth observation market is consolidating at the top of the capital stack while fragmenting below it. That makes company count less useful than category leadership, customer urgency, and access to differentiated sensing or data infrastructure.
Where is investor attention shifting in earth observation?
Investor attention in the earth observation market is shifting toward sovereign intelligence, SAR, thermal intelligence, infrastructure risk, and AI-ready geospatial data. It is shifting away from generic imagery supply and standalone verticals that do not control differentiated data or urgent workflows.
SAR is the clearest shift. Its capital share rose from about 31% in 2024 to about 59% in 2025 and about 60% in YTD 2026. Investors are rewarding all-weather, defense-relevant sensing because it solves urgent operational problems that optical imagery alone cannot solve.
Thermal and climate intelligence are attracting attention when they connect to water stress, wildfire, grid resilience, defense, agriculture, or infrastructure decisions. Hydrosat, constellr, SatVu, OroraTech, Overstory, Aistech, and SatLeo Labs all point to this practical, operational version of climate EO.
Geospatial Analytics is also moving from generic mapping toward AI infrastructure and enterprise workflows. Xoople, LiveEO, SkyFi, The Compression Company, Another Earth, and Neural Earth show that investors care about access, processing, compression, simulation, and operational analytics around EO data. The phrase “AI-powered” is not enough; the stronger signal is whether the company owns a workflow customers need repeatedly.
INSIGHTS
The insights below come from reviewing disclosed equity rounds in the earth observation market across 2024, 2025, and YTD 2026.
- The earth observation market should not be read as a smooth growth market. Full-year capital fell from about $469M in 2024 to about $295M in 2025, then surged to about $906M in YTD 2026, which means the market is cyclical, milestone-driven, and highly sensitive to a few large rounds.
- ICEYE is the single most important interpretive variable in the earth observation market. It produced the largest counted round in 2024, 2025, and YTD 2026, so any market-wide capital analysis that does not separate ICEYE from the rest of the market risks overstating broad-based liquidity.
- The non-megaround market is healthier in 2026 than it was in 2025, but it is not as explosive as the headline number suggests. Excluding rounds above $50M leaves about $196M in YTD 2026 funding, far below the $906M headline but still well above the comparable 2025 period.
- SAR has moved from a strong category to the category that defines investor conviction. Its capital share rose from about 31% in 2024 to about 59% in 2025 and about 60% in YTD 2026, confirming that all-weather, defense-relevant sensing commands a persistent premium.
- The market’s center of gravity is shifting from imagery availability to decision-grade intelligence. The largest rounds increasingly involve sovereign monitoring, infrastructure risk, wildfire, water stress, defense, or AI-ready mapping, not companies that merely produce or resell imagery.
- Climate Monitoring is viable but conditional. Climate-related EO companies raise meaningful capital when they connect climate data to operational decisions such as wildfire prevention, water management, crop stress, or grid resilience; pure climate-data narratives are less visibly dominant.
- Agriculture Intelligence is weak as a standalone category despite being a recurring use case inside other companies. The absence of agriculture-only deal flow in 2024 and YTD 2026, plus only one small 2025 seed deal, suggests agriculture EO is better treated as a vertical application than a standalone funding category.
- Insurance Risk Analytics remains underdeveloped as a venture category. The category had only two deals in 2024, none in 2025, and one in YTD 2026, which suggests distribution into underwriting, claims, or portfolio-risk workflows is harder than the market narrative implies.
- Maritime Monitoring appears to be absorbed into broader SAR and defense platforms. The lack of standalone maritime deals after 2024 does not mean maritime demand is weak; it means investors may prefer multi-use sensing platforms over narrow maritime-only companies.
- Optical Satellite Imagery is losing standalone funding visibility. Its decline from 16% of capital in 2024 to 9% in 2025 and zero qualifying YTD 2026 capital suggests that investors no longer treat optical imagery alone as a sufficiently differentiated venture thesis.
- The market is maturing by dollars but still experimenting by deal count. Most capital goes to Series B and later companies, while most YTD 2026 deals are Seed or Series A, creating a barbell between proven platforms and early experiments.
- First financings should be interpreted as innovation signals, not capital leadership signals. First financings represented 20% of YTD 2026 deals but only 1.5% of capital, which means new startup formation is continuing without changing the market’s capital hierarchy.
- The market has become much more European by capital. Europe captured 39% of 2024 capital, then 88% in 2025 and 87% in YTD 2026, pointing to a structural shift toward European sovereign, defense, climate, and public-private capital alignment.
- Europe’s dominance is not just a company-count effect. YTD 2026 Europe had less than half of deals but nearly 87% of capital, which means the region is winning the scale-financing layer, not merely producing more startups.
- North America remains active but less dominant. North America had 40% of YTD 2026 deals but only about 12% of capital, suggesting a market more weighted toward earlier-stage, software, marketplaces, and mid-sized rounds than toward the largest strategic financings.
- Asia-Pacific is present technically but weak financially. The region’s capital share fell from about 20% in 2024 to about 3.5% in 2025 and less than 1% in YTD 2026, showing that company formation has not translated into large disclosed equity rounds.
- The largest-to-median round ratio is the cleanest simple measure of market distortion. The ratio rose from 5.7x in 2024 to 20x in 2025 and 30.6x in YTD 2026, proving that averages increasingly misrepresent normal fundraising conditions.
- The market is not winner-takes-all, but it is increasingly winner-takes-most. Smaller companies continue to raise, but the bottom half of deals captured less than 5% of YTD 2026 capital, while the top three captured about 78%.
- Public, sovereign, and strategic capital are becoming central to EO financing. NATO Innovation Fund, Tesi, Solidium, British Business Bank, European Innovation Council Fund, Lockheed Martin, Nokia, Qatar Investment Authority, and similar investors point to national-capability logic rather than pure software-style venture underwriting.
- Defense is undercounted if measured only by the Defense Intelligence category. SAR, thermal, geospatial analytics, and aerial intelligence companies often have defense relevance even when categorized elsewhere, so defense demand is a cross-category funding driver.
- AI is becoming more valuable as an enabler than as a standalone claim. Xoople, LiveEO, SkyFi, Neural Earth, Another Earth, and The Compression Company show that investors care about AI when it solves data access, processing, simulation, or workflow problems around EO data.
- The practical diligence rule is that proprietary data plus urgent workflow beats generic geospatial analytics. The strongest funding outcomes cluster around companies that control differentiated sensing or convert EO data into decisions customers must make repeatedly.
OUR METHODOLOGY TO BUILD THIS TRACKER
We built this earth observation funding tracker by reviewing publicly disclosed equity rounds raised by pure-play earth observation companies between January 2024 and July 2026. A company counts as pure-play when more than 80% of its activity is dedicated to satellite or aerial observation data products that observe Earth and turn imagery into commercial intelligence.
We applied four core filters to build the tracker. First, we only included equity rounds, so grants, debt, structured financings, public-market transactions, acquisitions, and business combinations were excluded. Second, we only counted rounds of $300K or more. Third, we only kept pure-play earth observation companies, which means we excluded adjacent space infrastructure, satellite communications, RF-only sensing, generic GIS, navigation, compute, and hardware-supplier companies unless their core product fit the supplied earth observation definition. Fourth, every entry had to be confirmed by a direct company announcement, a press release, tier-1 media report, specialist industry source, or relevant regional publication.
We also excluded undisclosed-amount rounds because including them would distort dollar-based metrics such as total capital, average round size, category share, stage share, and concentration. When sources reported mixed debt and equity without a clean equity split, the round was excluded from equity-only calculations. Privately raised rounds that were never publicly announced are necessarily missing, which is a known limitation of any public-source funding tracker.
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