Published: July 31, 2017
Last Updated: July 31, 2017, 7:45 p.m.
Read time: 2 minutes
May 15, 2017
TRAVERSE CITY, Michigan - ATLAS Space Operations Inc., the US leader in cloud-based satellite management and control services, announced earlier today its acquisition of lead funding from Boomerang Catapult LLC, and the relocation of its operations to Traverse City, Michigan from Encinitas, California.
ATLAS is a state-of-the-art satellite data and communications company that is revolutionizing the small satellite industry with its proprietary cloud-based operations that provide a far superior user interface, much stronger connectivity, and 2x the speed – all at prices 10x lower than their nearest industry competitor can provide. Small satellites can be anywhere between the size of a household dishwasher or shoebox, but there’s nothing small about their $42 billion-dollar market.
“We’re excited to come to Traverse City,” said Sean McDaniel, CEO for ATLAS. Adding, “And we’re pleased that Boomerang shares our vision for Traverse City as the next hub for space industry operations in the US.”
Commenting on Boomerang Catapult’s lead investment in ATLAS, Boomerang’s principle, Casey Cowell said “We’re excited for the future. The small satellite industry is growing exponentially, and ATLAS is perfectly positioned to capitalize on the market.” Mr. Cowell stated that he expects ATLAS’ issuance of preferred stock, with a series A round planned for later this year.
On the ATLAS relocation, Mr. Cowell remarked “This is a major step in Traverse City’s growth as a tech hub. ATLAS is a great example of a technology-based company looking to take advantage of the wealth of engineering skills located here in Michigan.”
Mr. Cowell’s assessment of the talent pool and opportunity to be had in Michigan is spot on. The greater metropolitan area surrounding Detroit has a concentration STEM workers that is 50% above the U.S. norm, so it stands to reason that last year Detroit generated 26% growth in high-tech jobs, marking a high point in growth for a region that has seen some 14,000 new jobs created since 2006.
“The move to Traverse City is already underway,” said recent local and ATLAS Chief Operations Officer, Mike Carey. “We’re ramping up to hire 20 new employees by 2018.”