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exactEarth gets $5.5m in government funding

Satellite-AIS data provider exactEarth is to gain CAD$7.2 million (approx. US$5.5m) in investment over three years from the Government of Canada, to support the development, management and expansion of exactView RT, the company’s real-time Satellite-AIS service.

{mprestriction ids="1,2"}The investment is being made through the Canadian government’s Strategic Innovation Fund (SIF), a programme designed to support innovative businesses across all sectors of the economy.

exactView RT consists of a system of approximately 60 maritime satellite payloads hosted onboard the Iridium NEXT constellation, offering real-time capabilities for vessel updates and alerts.

“I want to thank the Government of Canada and the ministry of Innovation, Science and Economic Development for the opportunity to participate in the SIF programme,” said Peter Mabson, CEO of exactEarth.

“This funding will offset planned development costs over the next three years in support of ongoing efforts to further improve and enhance the exactView RT platform with the introduction of new real-time data services, analytics and applications. These developments are expected to drive revenue growth and maintain our global leadership in vessel tracking and related maritime analytics.”

“exactView RT will assist both public sector and private sector participants in the global shipping industry in a number of ways, which include homeland security, search and rescue and optimised ship routing, which in turn helps to reduce fossil fuel consumption and minimise the impact of shipping on marine life and the broader environment.”

The funding is a repayable contribution that will be disbursed in quarterly instalments on a cost-reimbursement basis over a three-year period. exactEarth expects to claim a reimbursement of approximately $3 million in the first year of the funding, and approximately $2.2 million and $2 million in the second and third years of funding, respectively.

The funding will be repaid by exactEarth in annual instalments over a 15-year period beginning in 2023, with the actual repayment value dependant on several factors, including overall business performance.{/mprestriction}

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