Lethbridge-based BlackBridge has raised $22 million in funding from the Bank of Montreal and the Business Development Bank of Canada.
The Canadian-born company says it will use the capital injection for the development of its next generation of satellites, RapidEye+, and for the renewal of existing credit facilities. The financing will contribute to the development of a new satellite constellation, allowing the company to expand its current range of geospatial solutions.
"We are pleased that both BMO and BDC have joined us in the development of our next generation of satellites," BlackBridge CFO Richard Goode says of the investment.
“BlackBridge is a dynamic, growth-oriented, and forward-thinking company that is a great example of the type of company we are looking to partner with over the long-term," noted Matthew Kellow, Managing Director, Subordinate Financing with BDC.