Meet CyStellar11th March 2019
During both past two Missions, we had the opportunity to welcome absolutely brilliant companies. With our experts-in-residence, mentors and the exceptional content delivered throughout the nine-weeks programme, we're glad to have had a real impact on the SpaceTech start-ups who joined us. Today we're sharing CyStellar's profile, a Mission 2 start-up, several months after the end of the programme.
“To send a rocket into space you need a launch pad. Well, that’s exactly what we consider Seraphim Space Camp to be; a launch pad for us to fulfil our vision of becoming the number 1 technology provider to the insurance sector.”
One of the most exciting things about the New Space Era is that we’re seeing new and emerging start-up companies developing who are not only disrupting the SpaceTech sector but are applying their developments in Space Technology to tackle on Earth challenges.
CyStellar may seem to be just a geospatial technology company. However, they are also a strong contender for solving some of the biggest issues in the insurance sector.
Noticing that insurance policies are static and often containing incorrect geospatial information, CyStellar’s team draws on its computer science background to deliver real-time meaningful insights; offering an ‘AI assistant’ to underwriters and claims assessors to improve profitability.
CyStellar is able to remotely detect, classify and monitor risks by pairing satellite, drone and ground sensor data with machine learning which pulls from hundreds of thousands of historical and in-place insurance policies to build an economical picture for their clients. This technology can be seamlessly integrated into insurance workflows; allowing them to offer valuable insights almost anywhere in the world.
This technology is what sets CyStellar apart from other geospatial solutions – they are not just supplying insurers with the satellite data:
“Current geospatial solutions seem to throw huge amounts of imagery to insurers who are overwhelmed and don’t know what to do with it. We would like to be somewhere in the middle to make the connection; to make them speak. We need to put some tools in the hands of the insurers that are understandable, user-friendly and allows them to do what they do, but better. We can provide the technology for this”.
When asked what he learned by going through the Space Camp process; Peter Bunus, CEO of CyStellar, stated:
“Seraphim Space Camp has helped us to re-imagine and re-prioritise the risks associated with launching our products, services and business models in new ways. They became advocates for growth, asking strategic questions and defending investment criteria. The mindset shift was absolutely critical for us, if significant new growth is to be realised in the next 3 years”
Post-programme, the future looks bright for CyStellar. They now have proof of concepts in place validating the technology Peter and his team have been working so hard to perfect.