Hera Systems receives fund for its first satellite launch, 2016
American satellite solution provider Hera Systems has announced that it received the preliminary round of investment for launching its first group of cubesat-class satellites next year.
Firsthand Capital is the lead investor during the first round of funding.
Hera Systems expects to spend the money developing a mockup satellite to featuring its technology, and buy materials for the construction of the initial satellites.
Initially, the company plans to launch nine satellites and expand it to 48 satellites in future for offering quick and hourly updates.
The proposed satellite expects to provide high-resolution images and videos with added information to people anywhere in the world, through several mobile applications at minimal cost.
Last month, Hera completed the preliminary design review of the spacecraft, weighing 50 to 60kg.
Hera Systems CEO Bobby Machinski said: "What we've learned from talking with customers and watching this industry closely for the past 16 years is that people don't want to go to multiple providers for their imagery and analytics needs.
"Today's customers want and expect a variety of features and intelligent analytics capabilities from a single source and they expect a very high value for every dollar spent."
"In the coming weeks, we will announce additional plans for satellites beyond our one-meter system, as well as major partnering arrangements we're securing with customers.
"Right now, we're focused on securing additional funding to get us through the next milestones that get us closer to launch."
In 2013, a group of industry veterans established Hera Systems.
The company is now looking for another round of funding for its project for developing and launching the first fleet of satellite constellation.
Image: Artist's rendering of Hera Systems' commercial one-meter resolution imaging satellite. Photo courtesy of Business Wire