UrtheCast Closes its Latest Round of Financing
UrtheCast has completed another important step toward providing the world with high-definition (HD) video of Earth from space; by closing its latest round of financing worth over $4.5 million.
TORONTO, ON (PRWEB) August 16, 2012
UrtheCast has completed another important step toward providing the world with high-definition (HD) video of Earth from space; by closing its latest round of financing worth over $4.5 million, UrtheCast has completed a significant step toward going public this fall, 2012. This process signals one of the final stages in the development of UrtheCast’s unique plan: to provide an interactive Earth video platform for internet users, app developers, educators, media outlets, government bodies, humanitarian relief organizations, and environmental monitoring services.
Earth Video Camera Inc. (operating as ℠UrtheCast´) is currently developing the world´s first HD video stream of Earth, along with a socially integrated platform that will be available to users on the web and on smartphones. At present, UrtheCast and the UK´s Rutherford Appleton Labs are building two cameras that will be mounted to the Russian segment of the International Space Station (ISS) in 2013. The $4.5 million influx of funding will be used for working capital purposes — namely, advancing the development of UrtheCast´s cameras and ground station network. Both of these components are integral to the launch, and to the processing of data once the cameras ℠go live´.
2012 has already seen enormous growth from this space tech startup; UrtheCast has built and solidified partnerships with the likes of the United Nations Institute for Training and Research (UNITAR), MacDonald, Dettwiler and Associates Ltd., Geodan´s DeforestACTION, Ustream, and RSC Energia — the organization that operates the Russian segment of the ISS. What´s more, UrtheCast is pleased to announce a new partnership with Beacon Securities Limited (Beacon).
Working with Beacon, UrtheCast achieved its latest round of funding with private proceeds totaling just over $4,500,000 at $1.12 per share. Beacon has also been engaged to advise on UrtheCast´s going public transaction. By ushering UrtheCast into the public sphere, Beacon will secure the next leg of UrtheCast´s journey to the ISS.
UrtheCast anticipates going public in the second half of 2012 through a reverse takeover of W7 Acquisition Corp. (W7), a capital pool company listed on the TSX Venture Exchange under the symbol ‘WSV.P’. During the proposed transaction, UrtheCast plans to complete a brokered private placement, which will be led by Beacon.
Throughout the going public transaction, UrtheCast will continue to build its ground station infrastructure, while testing hardware on the two UrtheCast cameras. The beta version of UrtheCast’s web platform will be released in fall of 2012, and the cameras are slated to launch to the ISS aboard the Soyuz Mission in the first half of 2013.
UrtheCast (pronounced “EarthCast”) is a company created around a unique vision: to provide the world´s first near-live HD video feed of Earth from space. Working with renowned aerospace partners from across the globe, UrtheCast is building, launching, installing, and operating two cameras on the Russian segment of the International Space Station. Earth video data collected by the cameras will be downlinked to ground stations around the planet and then displayed in near-realtime on the UrtheCast web platform, or distributed directly to exclusive partners and customers. UrtheCast will provide this interactive platform and HD Earth video data for internet users, app developers, educators, media outlets, government bodies, humanitarian relief organizations, and environmental monitoring services.
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