Akihabara News (Tokyo) — Insurance company Sompo Japan is offering strong support to the satellite startup Synspective through financing and a business alliance.
Synspective, a synthetic aperture radar (SAR) satellite data and solutions provider, announced at the end of March that it had raised US$100 million in its Series B funding round, and that Sompo Japan Insurance was the leading contributor.
The startup aims to put thirty SAR satellites into service by around 2026 that will enable wide-area, high-frequency observation of the Earth.
Sompo Japan believes that these satellites will be instrumental in its future insurance business, greatly assisting it in monitoring those who are affected by floods, windstorms, and other related natural disasters through the satellite data. If all goes to plan, the acquired data will also identify potential damage areas, predicting each location’s susceptibility to natural disasters.
Masachika Nakao, managing executive officer of Sompo Japan, states, “Taking the opportunity of the capital tie-up with Synspective, we will cooperate to create social value through the new services development that deliver peace of mind to our customers, those who are affected by a disaster, as soon as possible by encouraging them to make insurance claims.”
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