Startup in Longmont in fundraising mode

LONGMONT – AllSource Analysis Inc., a startup founded last fall by a trio of former DigitalGlobe Inc. employees, has raised $496,000 of a $1.8 million seed-funding round that will help the company fulfill initial contracts and build sales, marketing and other functions.

AllSource’s co-founder and chief marketing officer Chuck Herring said the company, run virtually to this point, is also building office space in southwest Longmont.

AllSource aggregates information from a wide variety of public and commercially available sources to create a more complete description of what is happening in a satellite image from a provider like DigitalGlobe or Airbus.

SPONSORED CONTENT

People Powered: Preparing Longmont Businesses for Economic Success

Longmont Chamber and FNBO present People Powered on April 24, 2024, aiming to inform business owners about workforce development, housing, and transportation issues.

The company, at least initially, is focusing most intensely on customers in the financial markets, government and energy sectors. If, say, a client is seeking information about an oil facility in Iraq amid the ongoing turmoil in that country, AllSource will analyze satellite imagery along with things like security databases, social media and news reports to paint a complete picture of what is happening there. Who is controlling the site? Is it operational? Will it affect oil supply?

“It’s being able to tell the complete story in rapid fashion,” Herring said.

Herring said information from a scenario like the one above could be of interest to government officials, energy companies and financial investors. Commodities traders might be trying to get a picture of the overall oil supply. Competitors might being trying to keep tabs on each other. Or companies might simply want to use the information to inform stakeholders about their own operations.

“Many times they have overlap,” Herring said. “So you produce information for one customer, and many customers are going to want that same information.”

Herring started AllSource along with chief executive Stephen Wood and chief analytics officer Joe Bermudez. The company has six employees, though Herring said that number would likely be about 15 by a year from now.

“We just always kind of had the dream of starting our own company and having the agility of being a small company,” Herring said.