ITMSF - Intermap Enables World Class Space Infrastructure with New 3D Data Exploitation Contract | Benzinga
First award from the leading private commercial spacecraft/launch/communications customer, supporting its LEO satellites
Endorsement of Intermap's next-generation elevation data and 3D vectors to support high-growth digital twin and space vertical markets
Follows recent wins with USGS, National Geospatial-Intelligence Agency and U.S. Air Force to support defense and security verticals
Helping commercial and government customers improve situational awareness using highly precise 3D data as space infrastructure is upgraded for safety, suitability and new mission requirements
DENVER, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Following a successful competitive procurement, Intermap Technologies (TSX:IMP, OTCQB:ITMSF) ("Intermap" or the "Company"), a global leader in 3D geospatial products and intelligence solutions, today announced a contract to supply its latest high-precision NEXTMap® elevation data to a global spacecraft/launch/communications operator to be used for simulation, regulatory compliance and global situational awareness, including ground station RF interference modeling. Intermap leverages its commercial archive of 3D geospatial data, the world's largest, and proprietary AI/ML software and processing algorithms to empower its clients with critical as-a-service infrastructure they can easily use to solve various terrain, sub-surface and space-based applications.
The digital twin market for simulation modeling is expected to grow to US$110 billion by 2028, which is a 61% CAGR (source). Prior to this award, for the first half of the year, Intermap grew its monthly recurring revenue (MMR) by 12%, delivering its market leading 3D models through user-friendly, vertically focused data as-a-service solutions. Recurring revenue now accounts for approximately 80% of commercial revenue and 67% of total revenue, compared with Nil in 2017. The Company's first and largest commercial vertical market, insurance, is experiencing rapid growth, supported by Intermap data, and driven by a 9.1% 2023 increase in rates, as natural catastrophes, climate change and war have led to insurers and re-insurers raising their written premiums.
Intermap's seamless elevation models are increasingly needed by satellite operators around the world as terrestrial infrastructure and services are developed. Intermap's NEXTMap digital elevation models, provisioned with market leading proprietary software and services, provide clients with consistent, uniform, accurate 3D information anywhere on Earth. For Intermap's space industry customers, these new capabilities enable near real-time assessments of line of sight, field of view and RF transmission and interference for multiple prospective ground station locations.
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