Speaker 1: Hi, everyone in. A benf software engineer approached me and said, hey,
Speaker 1: I've got an idea. Let's use computer vision and machine
Speaker 1: learning on satellite images to identify and count up solar panels.
Speaker 1: Whoa huge high five. No one actually knows how much
Speaker 1: solar is installed around the world. Everybody has guesses, but
Speaker 1: no one actually knows. So getting an actual tally would
Speaker 1: be amazing, and checking back on a regular basis would
Speaker 1: allow us to measure build out locally and globally. I
Speaker 1: was in. So they built an initial algorithm and it worked.
Speaker 1: It identified residential and commercial solar panels and filtered out
Speaker 1: false positives like skylights, swimming pools and like awesome, Now
Speaker 1: all we needed was images. Well, it turns out back
Speaker 1: then coverage was incomplete. Satellites in orbit at the time,
Speaker 1: we're not covering all geographies, and when they were it
Speaker 1: was infrequent, like years between passes. So the attempt failed.
Speaker 1: We were too early, I guess. We tried a few
Speaker 1: more times, but were stopped short by issues with image
Speaker 1: resolution and the computing power needed to process all that imagery.
Speaker 1: This week on the show, We've got benef technology analysts
Speaker 1: Sorrow Raza here to tell us how the satellite industry
Speaker 1: has caught up. Now over a thousand small satellites scan
Speaker 1: the Earth all day, every day and are matched by
Speaker 1: several companies specializing in turning what those satellites see into
Speaker 1: usable data, making our use case and countless other as possible.
Speaker 1: Our discussion is based on a report titled Tiny Satellites
Speaker 1: Spaces Next Frontier being IF. Users can get this report
Speaker 1: on bf dot com, to BEANF mobile app and the
Speaker 1: Bloomberg terminal. As a reminder, BENIF does not provide investment
Speaker 1: or strategy advice, and you can hear the full disclaimer
Speaker 1: at the end of the show. I'm Mark Taylor and
Speaker 1: you're listening to switch on to BENF podcast. Sara, Hi,
Speaker 1: thanks for joining us, Thank you for having me. Can
Speaker 1: you start us off with a very basics, Just what
Speaker 1: is a small satellite? So a small satellite is basically
Speaker 1: anything below five DRAMs. Within that there are different kind
Speaker 1: of variations. So you've got micro satellites that are below
Speaker 1: a hundred kilograms, nano satellites that are below ten kilograms,
Speaker 1: and you've even got pico satellites that are below one ram.
Speaker 1: So why are they out there? Why are we seeing
Speaker 1: these emerged into the market. So I think that's for
Speaker 1: a variety of reasons. We have this demand for more data.
Speaker 1: We want more data to analyze, we want more data
Speaker 1: to visualize different things on maps and satellite imagery, so
Speaker 1: I think the demand for this data is one of
Speaker 1: the main reasons. And then something that you know has
Speaker 1: kind of allowed this to happen is the continued improvement
Speaker 1: in the miniaturization of subsystems sensus miniature computers, and a
Speaker 1: lot of this innovation is obviously coming from adjacent sectors
Speaker 1: such as the smartphone industry and consumer electronics. So it
Speaker 1: seems like there's kind of two sides of this that
Speaker 1: are pushing it. There's an improvement in technology that are
Speaker 1: enabling the satellites to be made and sent into space,
Speaker 1: and we'll get to that, But the other part is
Speaker 1: a hunger there'st for more data. The third part, I
Speaker 1: guess is though those two things are pushing to to
Speaker 1: what end? Like what are people using this, you know,
Speaker 1: new data for. So it's it's actually pretty interesting in
Speaker 1: terms of the different use cases. It's based on the
Speaker 1: different technologies, right, So you've got things like satellite imagery
Speaker 1: that can help with precision agriculture for things like crop production,
Speaker 1: soil seeding zones. This kind of optical imagery can also
Speaker 1: help with fixed asset monitoring, such as you know for
Speaker 1: oil and gas, well paid construction, change detection, pipeline maintenance. Again,
Speaker 1: that can also have applications in you know, for renewables,
Speaker 1: for the construction of wind farms, solar parks. I mean
Speaker 1: that's just one technology, right, that's just using miniaturized cameras
Speaker 1: on satellites. Can you help us out with that to
Speaker 1: visualize what is actually happening here when you say it's
Speaker 1: healthy to monitor of fixed asset and just fixed asset
Speaker 1: could be like an oil well or a power plant
Speaker 1: or something like that. How does it actually work? Obviously
Speaker 1: you may be familiar with large geo station right satellites.
Speaker 1: These are you know, thousands kilometers above the Earth surface
Speaker 1: and they kind of hover in a in a stationary orbit.
Speaker 1: These kind of tiny satellites allbit in something called a
Speaker 1: polar orbit. So you might have seen images of tons
Speaker 1: of satellites in a ring around the Earth, and these
Speaker 1: operate in a constellation form rather than independent large satellites.
Speaker 1: The crucial difference which allows for a high revisit rate
Speaker 1: over the same spots on the Earth and ultimately global coverage.
Speaker 1: I remember a few years ago we were looking at
Speaker 1: a few years ago, it's like six years ago now,
Speaker 1: we were looking at getting some imagery to look at
Speaker 1: solar panel build out. But the problem back then was
Speaker 1: we would only get revisiting of a particular area with
Speaker 1: the satellite technology available once every six months seven months.
Speaker 1: But we've revisited it recently and the coverage can be daily.
Speaker 1: Is that kind of what you're getting out here? Yeah, exactly,
Speaker 1: So you can even get twice daily coverage to And
Speaker 1: bear in mind this is dependent on the number of
Speaker 1: these tiny satellites that you have in these rings around
Speaker 1: the Earth. The more satellites you have in one of
Speaker 1: these rings, the higher their revisit rate. So there's a
Speaker 1: bunch of satellites in rings that essentially create a scanner
Speaker 1: around the Earth exactly. And on top of these rings,
Speaker 1: they all are usually flown in a low Earth orbit.
Speaker 1: But if I wanted to launch a constellation of satellites myself,
Speaker 1: is there space for me? So that's a great question.
Speaker 1: There is space, the actual space, and space is a
Speaker 1: bad one. There's there's a lot of space and space
Speaker 1: so that there isn't much regulation currently on moving away
Speaker 1: dead satellites, and E s A and NASA try to
Speaker 1: regulate as much as they can. Everyone's main question is
Speaker 1: once these small satellites finish their end of life, they
Speaker 1: usually because they're so small, just burn up in the atmosphere.
Speaker 1: So is there something on them to kick them out
Speaker 1: of orbit in going into a descent. Most of these
Speaker 1: CubeSats do have propulsion systems, and what they'll do is
Speaker 1: they'll use their last little bit of fuel to propel
Speaker 1: them into the atmosphere. So can you describe the basics
Speaker 1: of what exactly is the small satellite value chain? I
Speaker 1: would say there are roughly kind of seven stages to
Speaker 1: this value chain. So you start with the satellite design.
Speaker 1: That satellite design can usually come from the satellite operator.
Speaker 1: Then you've got kind of the sensor manufacturing. Now, this sensor,
Speaker 1: you know, can be from a research institute, a university,
Speaker 1: a small company that's well versed in sense of manufacturing
Speaker 1: for temperature atmospheric composition. Then you've got the satellite manufacturing,
Speaker 1: which again is usually outsourced to a manufacturing company. Then
Speaker 1: you've got launch services, ground operation, data and analytics and
Speaker 1: end user sales. Now, what we're seeing with this value
Speaker 1: chain is a lot of vertical integration. So operators like
Speaker 1: Planet Inspire actually integrate all stages of the value chain
Speaker 1: except launch services. Have they started data integration or data
Speaker 1: analysis as well. Yes, So obviously we know that there
Speaker 1: are separate companies like Orbital Insight, Descartet Labs, Chaos who
Speaker 1: look at data analytics specifically, But a lot of these
Speaker 1: satellite operators have seen right, instead of just providing people
Speaker 1: with the raw data, why don't we just analyze it ourselves,
Speaker 1: hire a couple of data scientists and do this ourselves.
Speaker 1: Is there consolidation amongst the startups right now, or you know,
Speaker 1: somebody like Lackheed or some other incombment going to come
Speaker 1: in and buy up all these startups. What's really interesting
Speaker 1: is we're seeing a lot of consolidation M and A
Speaker 1: in the manufacturing stage of the value chain. So we're
Speaker 1: seeing these large aerospace companies like Boeing, air Bus, Lockheed,
Speaker 1: Northrop Grumman. We're seeing them acquiring some of the leading
Speaker 1: manufacturers specifically in tiny satellites. So some of these startups Boeing,
Speaker 1: you know, has got Millennium Space Systems Airbus took sorry
Speaker 1: satellite technology, Northrop Grumman took orbital A, t K max
Speaker 1: A took Space Systems Laurel, and these kind of startups
Speaker 1: were really coming up with innovative techniques to manufacture CubeSats
Speaker 1: and nanosatellites on a large scale. So do you see
Speaker 1: there's the future of this industry that it's just going
Speaker 1: to be consolidated amongst the old in comments, or do
Speaker 1: you think these startups will grow into fully fledged competitors
Speaker 1: to those other players. I think in terms of satellite
Speaker 1: operators such as planets by a Satellogic Capella, I do
Speaker 1: see those growing. In terms of the manufacturing companies, I
Speaker 1: see a lot of those getting acquired by larger aerospace companies.
Speaker 1: And my reasoning for that is that the satellite operators
Speaker 1: have a unique skill set and engineering capability that they've
Speaker 1: kind of honed in on on their niche kind of
Speaker 1: area g h G SAT for greenhouse gas emissions, monitoring,
Speaker 1: blue field for methane more monitoring, state logic for optical sensors.
Speaker 1: Whereas with the manufacturing startups there in a field that's
Speaker 1: extremely competitive with these large aerospace companies really dominate eating
Speaker 1: of the industry in the manufacturing a bit of the
Speaker 1: value chain. A lot of those are just getting acquired,
Speaker 1: you know, sort of every sort of month. Is there
Speaker 1: a theme in the types of companies that are getting
Speaker 1: brought every month? So I think the acquisitions that are
Speaker 1: happening are of these tiny startups that are manufacturing cubes ats.
Speaker 1: So the startups that are getting miniaturized components from various
Speaker 1: subsectors and creating these these CubeSats on a mass sort
Speaker 1: of production scale. Let's change directions and move into large
Speaker 1: Can you tell us how these things get up into
Speaker 1: space in the first place. As a child the eighties,
Speaker 1: you know, I'm used to seeing big rackets go up
Speaker 1: in the space every once in a while, But apparently
Speaker 1: that is not the case. That these things fly up
Speaker 1: in in droves quite often, Is that right? Yeah? So,
Speaker 1: I think one of the largest subsectors of the space
Speaker 1: industry that has changed the most is the launch industry.
Speaker 1: In parallel with these developments in satellites and senses, there
Speaker 1: are a bunch of innovations with in launch vehicles, and
Speaker 1: I think this is what's led to not only a
Speaker 1: higher number of commercially procured launches, but also a higher
Speaker 1: number of satellites launched in general. And I think that's
Speaker 1: due to the fact that these launch vehicles are now
Speaker 1: becoming reusable, especially stage one of the rockets and ride sharing,
Speaker 1: as these satellites are so tiny, you can fit many
Speaker 1: satellites onto one launch vehicle. And I think in twenty
Speaker 1: seventeen a hundred and four satellites were launched on one rocket,
Speaker 1: which is, you know, the highest in history. There was Planet, right, yeah,
Speaker 1: so the majority of those were Planet from an Indian
Speaker 1: polar launch vehicle. But that there are companies like SpaceX
Speaker 1: who have created things like the Small Sat ride share program,
Speaker 1: a specialized program for these startups with these small satellites
Speaker 1: who you know, just need to get two cube SATs
Speaker 1: weighing five kilograms each up into space, who want to
Speaker 1: just jump on a rocket and pay a pretty small price.
Speaker 1: So the barrier to entry has really really come down,
Speaker 1: it seems, definitely. And you know that this innovation has
Speaker 1: also seen new companies such as space Flight who kind
Speaker 1: of organize everything from you know, if you've let's say
Speaker 1: you have a satellite, right, you have a five kilogram
Speaker 1: satellite with a temperature sensor on it. You've cre you've
Speaker 1: created it, you kind of outsourced the manufacturing. It didn't
Speaker 1: cost you too much, and you want to get this
Speaker 1: into space. Someone like space Flight will do all of
Speaker 1: the launch services for you, and you kind of go
Speaker 1: to them. You give them your satellite, you pay a price,
Speaker 1: and they'll organize the whole launch and put you on
Speaker 1: a on a vehicle. So it's kind of like a
Speaker 1: an airline ticket market. Yeah, is it working. Yeah, it's
Speaker 1: working pretty well. In my uninitiated perspective, it seems like
Speaker 1: there wouldn't be enough demand for a business like space
Speaker 1: flight to be viable. But it seems like you're telling
Speaker 1: me otherwise that there are plenty of satellites to go
Speaker 1: up on, plenty of rockets, and there's a lot to
Speaker 1: be organized. I think that the reason why there is
Speaker 1: a huge demand for it is again because the capabilities
Speaker 1: of these companies don't extend to the launch services industry.
Speaker 1: It's historically been an industry dominated by military and government.
Speaker 1: It's historically not been a commercial industry. SpaceX is new
Speaker 1: Rocket Lab, all becks. These are brand new commercialized companies
Speaker 1: that are entering this industry for the first time, so
Speaker 1: not many companies are well versed in the area of
Speaker 1: launching something into space. So what's the next big thing
Speaker 1: in this sector? What are you most excited about seeing.
Speaker 1: I think I'm most excited about seeing the new technologies
Speaker 1: that are coming from these miniaturized satellites. You know, the
Speaker 1: more time goes on, the more technological improvements that are
Speaker 1: miniaturization of subsystems, the more we'll be able to do
Speaker 1: with these satellites. And I'm most excited to see if
Speaker 1: we can get minute by minute coverage, if we can
Speaker 1: get five minute coverage, yeah, that would be amazing. Would
Speaker 1: be Another really exciting innovation that's happening is on the
Speaker 1: data analytics side of things, which isn't really talked about
Speaker 1: that much. It's everyone loves space and everyone talks about rockets,
Speaker 1: you know, going into space. But you know, either side
Speaker 1: of the launch industry, the manufacturing industry is seeing a
Speaker 1: lot of digitalization and mass production, three D printing, advanced
Speaker 1: materials being used, you know, nanodiamond coatings or on night
Speaker 1: triede things like that. I think I think a lot
Speaker 1: of the new materials coming out are really interesting. And
Speaker 1: then at the other end of the value chain, you've
Speaker 1: got data analytics where like we discussed before, there are
Speaker 1: a lot of companies just in this area who are
Speaker 1: investing in data scientists and looking at how you can
Speaker 1: create cool you know, mL models and applying different algorithms
Speaker 1: to analyze this vast amount of data. So the hardware
Speaker 1: is getting better, but the software is getting better as well,
Speaker 1: which will lead to more use cases and more that
Speaker 1: we can do with this data. So it's no secret
Speaker 1: that b NF itself is new to this area to
Speaker 1: to looking at space. How did it start? I guess
Speaker 1: why did we start looking into space? And can you
Speaker 1: tell us a bit about the approach to the research.
Speaker 1: BENF has historically not covered space. The reason why I
Speaker 1: think that we're going into this kind of these kind
Speaker 1: of endeavors now is to push the boundaries of being efforts.
Speaker 1: See what's really on the edges now. Space is an
Speaker 1: industry that is related to all of the current sectors
Speaker 1: that we currently look at, wind, polar oil, gas, I
Speaker 1: mean even from simple things like monitoring oil and gas operations,
Speaker 1: wind turbines using IoT sensors to track predictive maintenance. These
Speaker 1: small satellites are related to everything we already cover. Then
Speaker 1: on top of that, benef could also leverage the satellite
Speaker 1: data for our own research. The manufacturing industry for satellites
Speaker 1: is growing and using things like three D printing additive manufacturing,
Speaker 1: which ties into our advanced materials team. So I think
Speaker 1: there's a lot of crossover and it was just waiting
Speaker 1: to happen. In terms of what I found during my research,
Speaker 1: I a pretty surprised at how little publicly available data
Speaker 1: there there is on satellites and on the space industry
Speaker 1: in general. I'm guessing that because of the history, if
Speaker 1: it being mostly military government, funder didn't necessarily have to disclose. Yeah, exactly,
Speaker 1: And I think that's definitely changing. I think next year,
Speaker 1: and you know, the next five years, will will have
Speaker 1: a lot more data given this. You know, just even
Speaker 1: things like the launch industry has now become a bit
Speaker 1: more commercialized and the manufacturing industry. There are a ton
Speaker 1: of startups evolving in in this space that are trying
Speaker 1: to specialize in tiny cube SATs and in technologies, and
Speaker 1: you know, even in the data analytics side. Given that
Speaker 1: this whole sort of value chain is transitioning from military
Speaker 1: and governmental to commercial, I think we'll we'll definitely have
Speaker 1: a lot more data in the next five years. So
Speaker 1: following under that, how did you actually end up getting
Speaker 1: the data you needed? So it was a tricky one. Um.
Speaker 1: I definitely had to reach out to a bunch of
Speaker 1: different companies and try and gather as much data as
Speaker 1: possible from what they were willing to disclose. As the
Speaker 1: industry is so private and you know these companies that
Speaker 1: are emerging are all startups, it was definitely difficult to
Speaker 1: get a lot of this data. So imagine going forward
Speaker 1: it could be a bit of a slog Yes, yeah,
Speaker 1: I think I think the industry definitely needs to be
Speaker 1: a bit more transparent, and I think that will naturally
Speaker 1: happen given how commercialize it's becoming. All sectors start off
Speaker 1: like this. I remember back in the in the early
Speaker 1: days of any f we this is the exact approach
Speaker 1: we took with wind and solar and geothermal and carbon
Speaker 1: captured data. You know, it just didn't exist and so
Speaker 1: somebody has to go out and collect it. So you're
Speaker 1: not only on the forefront of technology here, but you're
Speaker 1: on the forefront of research in terms of analyzing a
Speaker 1: new market. Can we go into the industry growth just
Speaker 1: a little bit. Some people listening might think, like, all
Speaker 1: these startups are emerging, they're sending up more and more satellites.
Speaker 1: There's got to be a point where there's just too
Speaker 1: much you know, space junk up there. In terms of
Speaker 1: space junk, there really are three main options here. There
Speaker 1: are some companies like Leo Apps who are investigating things
Speaker 1: like collision avoidance and signing contracts with a bunch of
Speaker 1: small satellite operators to monitor this for them, which obviously
Speaker 1: in the long term saves them, you know, a lot
Speaker 1: of money in case there's satellites crash into each other.
Speaker 1: Are they attempting to be an air traffic controller? Yeah,
Speaker 1: pretty much. Yeah, I mean that there doesn't seem to
Speaker 1: be too many of those in the industry. So we
Speaker 1: have these constellations that are making scanners around the Earth,
Speaker 1: and I'm using the camera to look down at the
Speaker 1: Earth to gather data. But I think you alluded to
Speaker 1: in the report at least you mentioned several times in
Speaker 1: the report that there are several different technologies available on
Speaker 1: these cube sets and small satellites that go beyond cameras.
Speaker 1: Can you tell us about some of those and what
Speaker 1: those might be used for a lot of these satellite
Speaker 1: operators and companies in the space have found their niche.
Speaker 1: So you've got companies like Capella Space Sat a Loogic Planet,
Speaker 1: which are, like you say, focusing on these miniaturized cameras.
Speaker 1: But then you've got a bunch of other companies like
Speaker 1: Spire who are really leading into terms of atmospheric monitoring.
Speaker 1: So some other technologies include atmospheric sensors that measure water pressure, temperature, humidity,
Speaker 1: and these can be obviously really helpful to insurance companies
Speaker 1: and for monitoring weather, daily weather and pretty accurate. You've
Speaker 1: got other technologies including IoT sensors which can be useful
Speaker 1: for the smart agriculture, predictive maintenance of wind turbines, vehicle
Speaker 1: accidents were kind of fourth other main area for these
Speaker 1: technologies would be geolocations. So you've got a I S
Speaker 1: and a D S B sensors that's kind of a
Speaker 1: use for tracking I somehow can't get past the demand
Speaker 1: side of this that it seems to me like these
Speaker 1: companies are launching these satellites with all these capabilities and
Speaker 1: then are going to these companies and saying, hey, insurance company,
Speaker 1: you could use this you want to buy it? Is
Speaker 1: it pushers at pool? You know that the insurance companies
Speaker 1: are saying, actually, I really could use some better weather data. Hey,
Speaker 1: how that you go along to satellite? Is there one
Speaker 1: that's winning there or is it equal? How should I
Speaker 1: think about this? I think that it varies. That demands
Speaker 1: from customers is a lot stronger, right, And that's where
Speaker 1: these satellite operators have come in and said, we see
Speaker 1: this need for more data. For example of insurance companies,
Speaker 1: if you just take the number of fraudulent claims per year,
Speaker 1: looking at that, they obviously want to reduce that. And
Speaker 1: the answer to that is more more data. A great
Speaker 1: way of getting that data is to get this data
Speaker 1: from a constellation of satellites monitoring the Earth every single day.
Speaker 1: So I think that in terms of a push and pull,
Speaker 1: it definitely varies. At the same time, these satellite operators
Speaker 1: have noticed a kind of I guess, a gap in
Speaker 1: the market where if you have great engineering capabilities, perhaps
Speaker 1: from other endeavors that you've you've gone for, and you
Speaker 1: have that capability to create these you know, these nano
Speaker 1: satellites with these materials, there is a market. So where
Speaker 1: is the technology coming from Is it coming from startups
Speaker 1: you know that are just getting these ideas, or is
Speaker 1: it coming from large corporates that have already been in
Speaker 1: the space industry for decades. It definitely varies. What's common is,
Speaker 1: for example, a university research lab will design a sensor,
Speaker 1: for example, to measure things like atmospheric composition or space radiation. Now,
Speaker 1: usually this kind of research facility or university is is
Speaker 1: definitely well versed in sense of manufacturing and scientific instruments
Speaker 1: with the sensor. However, they probably don't have the expertise
Speaker 1: to build a satellite and launch a satellite operator satellite
Speaker 1: in that case. What we've been seeing is a lot
Speaker 1: of universities and research labs and and even companies kind
Speaker 1: of building out this sensor. I mean an example is
Speaker 1: blue Field who have a mething sensor and will outsource
Speaker 1: everything else with another satellite operator, and that would be
Speaker 1: as a hosted payload. How common is that where you
Speaker 1: have a satellite that has multiple technologies from multiple companies,
Speaker 1: So it's becoming more and more common. Companies like Planet
Speaker 1: Inspire initially started off with just their own As they've
Speaker 1: kind of grown in the industry, they are now doing
Speaker 1: a lot more hosted payloads from various other startups, various
Speaker 1: research institutes who have these specialized sensors, specialized scientific instruments,
Speaker 1: but no capability of engineering and launching. It seems to
Speaker 1: be the mark of an industry that is maturing. You know.
Speaker 1: It seems like in the very beginning stages of something,
Speaker 1: you'd have everything in house, everything home built, right, and
Speaker 1: as you grow, you'd have companies specializing, and then you'd
Speaker 1: have other companies that just bring things together and get
Speaker 1: things going. Yeah, so we are actually seeing more vertical
Speaker 1: integration within satellite companies in the industry. A bunch of
Speaker 1: companies are actually fully vertically integrated, obviously excluding launch and
Speaker 1: launch services, but you know, all the way through from
Speaker 1: senser manufacturing through to satellite manufacturing obviously outsourcing launch, but
Speaker 1: then ground station operation to the data and analytics, which is,
Speaker 1: you know, a really big emerging subsector. You've got companies
Speaker 1: in data analytics, specifically only analyzing satellite data without operating
Speaker 1: their own constellations. From what I've seen, there are several
Speaker 1: of those that have popped up in just recent years.
Speaker 1: Right when we first started looking at this as as
Speaker 1: ben if there weren't that many companies doing this. They
Speaker 1: were all launching and then providing imagery and then leaving
Speaker 1: you kind of on your own to do the analysis.
Speaker 1: But in the last couple years, there's been a lot
Speaker 1: of companies that I've seen that have been offering to
Speaker 1: analyze the data force and just give us a data
Speaker 1: stream at the end of the day, right exactly. And
Speaker 1: there are there are countless companies. There's Orbital inside Descarte
Speaker 1: Labs that there are. There are a bunch of companies
Speaker 1: in that area just kind of pulling data from different
Speaker 1: satellite operators. So they might pull atmospheric data combined with imagery,
Speaker 1: mind with ragar data and putting this all together on
Speaker 1: a platform, analyzing it for you and offering these kind
Speaker 1: of packages based on different layers of data. And you know,
Speaker 1: a lot of these satellite operators are also going into
Speaker 1: data and analytics with their own platforms. What's next in
Speaker 1: your line of research in this area. I really want
Speaker 1: to delve into the industry changes within manufacturing these things,
Speaker 1: because ultimately these need to be designed faster, they need
Speaker 1: to be built faster, and they need to be launched faster.
Speaker 1: And you know that kind of all comes from a
Speaker 1: speedy manufacturing process. So I think looking at that process
Speaker 1: and seeing how that's changing, and and you know, how
Speaker 1: we utilizing advanced materials in this process. What sort of
Speaker 1: carbon composites are we using? How are we using three
Speaker 1: D printing to make these satellite components. I think we'll
Speaker 1: leave it there, Sarah, thanks for joining us, Thank you
Speaker 1: for having me. Bloomberginnia is a service provided by Bloomberg
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