SAN FRANCISCO – Finnish hyperspectral satellite imagery startup Kuva Space raised 16.6 million euros ($17.6 million) in a Series A funding round.
“We firmly imagine that quality and timely spaceborne insights will empower communities to make informed decisions and create a sustainable future,” Kuva Space CEO Jarkko Antila said in a press release. “With this funding round, we’re well-equipped to speed up our satellite launches, enhance our AI analytics platform with proprietary data, and further our market expansion, particularly in america.”
Kuva Space, founded in 2016, has about 20 employees in Finland, Belgium, Japan, america and the UK. Two Kuva Space business hyperspectral microsatellites are scheduled for launch in 2024.
By 2030, Kuva Space plans to deploy as many as 100 satellites offering spatial resolution higher than 10 meters per pixel. Kuva Space subscription plans will offer customers every day hyperspectral monitoring in 2026 and three every day views in 2030.
In a press release, Inka Mero, Kuva Space board chairwoman and founding father of Voima Ventures, lauded Kuva Space’s “pioneering work each in defense applications, in addition to improving upon how we track and measure society’s environmental impact.”
U.S. Expansion
Kuva Space plans to determine a business development organization in america “to raised understand the client requirements and timelines,” a Kuva Space spokesperson said by email. “With its hybrid approach, startups resembling Kuva Space can collaborate more flexibly and produce their cutting-edge innovations to enrich” existing U.S. capabilities.
Having a U.S. presence also opens the doors for brand new funding opportunities, the spokeperson added.
The Series A round was led by existing Kuva Space investors Voima Ventures and Nordic Foodtech VC and Singapore-based Earth VC. Participants included private Finnish investors and Business Finland, which provided funding without claiming equity.
Earlier this yr, Kuva Space won a 5 million euro contract from the European Commission to offer hyperspectral data as a Copernicus Contributing Mission. Kuva Space also claimed first place in the primary Nato Innovation Challenge.