Market Overview

NorthStar announces $13 million in financing from Government of Quebec

Share:

NorthStar announces $13 million in financing from Government of Quebec

Canada NewsWire

Space-based data platform will deliver continuous and vital information on Earth's environment

MONTREAL, Aug. 22, 2018 /CNW/ - NorthStar, a Montreal-based information services company developing the world's most advanced environmental and near-space monitoring system, is pleased to announce the closing of C$13 million in financing from the Government of Quebec. As part of an overall $52 million first round of financing, NorthStar will align with Quebec and other strategic partners to create a global environmental information platform that will empower humanity to preserve our planet.

"The growth of the aerospace industry and the information and communications technologies sector is directly linked to the capacity of businesses to innovate and market their innovative products," said Dominique Anglade, Quebec Deputy Premier, Minister of Economy, Science and Innovation and Minster responsible for the Digital Strategy. "NorthStar is one of these avant-garde companies that is undertaking promising projects for these industries. Our government is thus proud to be associated with the implementation of its major project, which, in addition to creating quality jobs in Montréal, will promote abroad Québec expertise in the realms of innovation and the digital technologies."

"We are pleased to announce our partnership with Quebec," said NorthStar CEO Stewart Bain. "NorthStar was conceived to address the vital need of monitoring and managing Earth's environment and natural resources, and deliver advanced information solutions." According to Bain, funds will be used to develop information products and applications for markets in need of timely knowledge for critical decision making, in areas such as agriculture, forestry, energy, transportation, water quality, advanced maritime awareness, and space situational awareness. 

ABOUT NORTHSTAR

Based on a constellation of 40 satellites with the power to continuously detect and analyze the fine chemistry of objects on the surface of Earth, NorthStar will deliver Earth Observation information to diverse global markets, and provide precise tracking of orbital debris to reduce the probability of collisions and protect high-value assets in space.

Data will be made available through NorthStar's AGILE (Applications for Global Innovation and Leadership) Centre Platform, in cooperation with a worldwide community of Applications Developers. AGILE Centres around the world will foster clusters of activity in Big Data and Predictive Analytics, the first generation of smart environmental protection apps. The First AGILE Centre will be based in Montreal.

Earth Observation and Space Object Tracking services are rapid-growth areas and represent the future of the global space economy. When fully operational, NorthStar expects to create an estimated 1,600 direct and indirect high-skilled jobs related to Big Data and Information Analytics, and support the expansion of aerospace, satellite design and sensor technology industries in Canada and abroad.

The founding shareholders of NorthStar include Telesystem Ltd and KinetX Inc.  Based in Montreal, Telesystem is a media and technology holding company with a successful track record as a leading global telecommunications player and with high growth technology start-ups. KinetX Inc is a US-based company which specializes in orbital dynamics and is the originator of the NorthStar concept.

http://norstar-data.com/

 

SOURCE NorthStar

View original content: http://www.newswire.ca/en/releases/archive/August2018/22/c3699.html

View Comments and Join the Discussion!