Press release - October 15, 2024

OroraTech Raises €25 Million to Fuel Predictive AI Advancements in WildfireManagement and Global Expansion

MUNICH, October 15th, 2024 – OroraTech, the world leader in wildfire intelligence, today announced the successful closure of its €25 million Series B funding round led by Korys, the European Circular Bioeconomy Fund (ECBF), and long-standing investor Bayern Kapital. This funding will fuel the next phase of OroraTech’s strategic growth, with the company further expanding key global markets and enhancing its predictive AI capabilities and orbital sensor network. Through predictive algorithm data fed by their thermal satellite network, OroraTech enables companies, organizations, and fire agencies to actively respond to the global wildfire crisis, reducing damage and saving lives.

"Our investment in OroraTech highlights our dedication to nurturing innovative companies that leverage technology for the benefit of our planet. We selected OroraTech for their pioneering satellite-based wildfire detection platform and are thrilled to support their ground-breaking efforts to reduce carbon emissions and combat the consequences of climate change," say Frederik Simoens, Investment Director, and Karel Van Cleemput, Senior Investment Manager at Korys.

Led by Bayern Kapital, many of OroraTech’s current investors also recommitted capital, including Edaphon, Ananda Impact Ventures, ConActivity, and Findus Venture. This underscores the confidence in OroraTech’s cutting-edge solutions and its momentum to accelerate profitably in the wildfire management market. As the threat and scale of extreme wildfires have increased in the last few years, this investment will accelerate OroraTech's mission of empowering fire fighters and land managers to mitigate destructive fires worldwide.

"OroraTech stands as one of the most dynamic SpaceTech pioneers in Germany. Since our investment in 2021, the company has not only strengthened its foundation but has also expanded its global footprint," says Monika Steger, Managing Director of Bayern Kapital. "We invest in high-tech trailblazers with bold, future-forward visions. Supporting OroraTech's mission to deliver cutting-edge wildfire and thermal intelligence for a sustainable future is a source of pride for us."

The newly raised funds will be used to expand OroraTech’s existing footprint in North America and the Asia Pacific region—key markets where the need for effective wildfire management is increasing rapidly. This includes investments into advancing its proprietary orbital thermal sensor network and predictive AI technologies. These innovations will enhance the precision and speed of wildfire detection, allowing decision-makers to better assess risks and make data-driven choices that improve operational efficiency.

Martin Langer, CEO of OroraTech, expressed his excitement about the future: "We are thrilled to welcome Korys, ECBF, and all our partners as we embark on this next phase of our journey. Their strategic support, combined with the continued confidence from our existing investors, will be pivotal as we enhance our technology and grow globally. Together, we are poised to make significant strides in eradicating the devastating impact of extreme wildfires worldwide.”

OroraTech is revolutionizing how wildfires are managed, using real-time data from space to detect and monitor fires with unprecedented accuracy. Their innovative wildfire management platform, Wildfire Solution, can estimate the risk, detect the outbreak, and predict the growth of any forest fire on Earth. The company’s recent €20 million contract with the European Space Agency that supports the Greek government further demonstrates its global impact and commitment to providing long-term solutions for wildfire prevention and management.

About OroraTech
OroraTech is a global intelligence-as-a-service company leveraging thermal data for a sustainable Earth. Their Wildfire Solution platform is powered by high-resolution thermal data from its proprietary and public satellite system, which is trusted worldwide for revolutionizing wildfire detection. Since 2022, OroraTech has established a comprehensive global satellite network, delivering real-time situational awareness and prompt risk alerts. The cutting-edge system detects fires of any scale, day or night, ensuring timely action. Founded in 2018, OroraTech is headquartered in Munich, Germany, with operations in Australia, Brazil, Canada, Greece, and the United States. A dedicated team of over 100 experts is committed to delivering innovative solutions for a sustainable future.

About Korys
Korys is the investment company of the Colruyt family and creates sustainable added value in 3 ecosystems: Conscious Consumer, Healthy Living, and Energy Transition. Korys does this in partnership with entrepreneurs and companies who share its commitment to value-driven entrepreneurship and sustainability while leveraging the expertise of a highly motivated team of 30 professionals in Belgium, Luxembourg and India. Thanks to its dedication, craftsmanship and strong financial foundation, Korys can make long-term commitments. Over the past two decades, Korys built a portfolio of sustainable investments worth over €4 billion. Besides more than 20 direct investments, including Colruyt Group and Virya Energy, Korys also manages private equity funds and investments in listed instruments.

About the European Circular Bioeconomy Fund (ECBF)
The European Circular Bioeconomy Fund (ECBF) is a private venture capital fund dedicated exclusively to the bioeconomy and circular economy. Launched by the European Commission, it invests in visionary European entrepreneurs driving the transition from a fossil-based to a bio-based economy. The ECBF aims to catalyse the transition to a sustainable future by investing in later-stage companies with high innovation potential, favourable returns and sustainable impact. Founded in 2020 and with a total of €300 million under management, ECBF is focused on deploying capital in attractive and impactful companies based in the EU-27 or 16 HORIZON 2020 associated countries. Based in Luxembourg, the fund is managed by Hauck & Aufhäuser Funds Services S.A. as Alternative Investment Fund Manager (AIFM) and advised by the experienced investment team of ECBF Management GmbH based in Germany. www.ecbf.vc

About Bayern Kapital
Bayern Kapital GmbH is the venture/growth capital company of the Free State of Bavaria. It supports innovative high-tech and deep-tech companies in Bavaria through various growth phases, from seed to later stage, with equity capital of between EUR 0.25 and 25 million. Bayern Kapital always invests in consortiums with private investors and manages specialized investment funds with a volume of around EUR 700 million. Since it was founded in 1995, the wholly owned subsidiary of LfA Förderbank Bayern has invested over EUR 500 million of its own equity capital in more than 320 start-ups and scale-ups from sectors such as life sciences, software & IT, materials & new materials, nanotechnology and environmental technology. This has created over 10,000 permanent jobs in sustainable companies in Bavaria. The active portfolio currently comprises almost 100 companies.

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