ST LOUIS — British Earth remark startup Satellite Vu raised 12.7 million British kilos ($15.8 million) for its thermal-imaging satellite constellation.
Molten Ventures, an existing Satellite Vu investor, led the Series A-2 investment round announced May 24. Other previous Satellite Vu investors participated including Seraphim Space Investment Trust, A/O Proptech, Lockheed Martin, Ridgeline Ventures, Earth Sciences Foundation and Stellar Ventures.
Satellite Vu plans to launch its first satellite in June on a SpaceX Falcon 9 rideshare flight.
“We desired to get this funding round done before launch,” Anthony Baker, Satellite Vu founder and CEO, told . “If we now have a successful launch in June or not, we now have enough runway, 12 months, to maintain going.”
If the launch is successful Satellite Vu is probably going raise money for a Series B round later this yr for construction of additional satellites.
Satellite Vu was founded in 2016 to assemble high-resolution thermal imagery from space. To this point, 66 corporations have committed 128 million kilos to Satellite Vu’s Early Access Programme (EAP). EAP customers can task Satellite Vu’s airborne sensor and procure discounts on satellite imagery orders.
“We’re proud to have such meaningful support from our existing investors,” Camilla Taylor, Satellite Vu chief financial officer, said in a press release. “It shows that we’re on the best track, each to constructing an economically sustainable business and tackling the climate crisis.”
Surrey Satellite Technology Ltd. is constructing Satellite Vu’s first two 160-kilogram satellites to assemble imagery with a resolution of three.5 meters per pixel. With a planned constellation of eight satellites, Satellite Vu will give you the chance to revisit sites multiple times per day, Baker said.
Energy and Environmental Applications
Satelilte Vu’s thermal imagery has many potential applications. Defense and intelligence agencies already are conversant in thermal data “they only don’t have a industrial source of images which they’ll share with allies,” Baker said.
Thermal imagery reveals industrial activity and has vital climate applications, showing, for instance, “which buildings are losing heat and should be retrofitted,” Baker said.
Investor Confidence
Molten Ventures led Satellite Vu’s latest funding round because the corporate’s “unique technology tackles key climate issues, and we’re impressed with their industrial progress,” George Chalmers, head of Molton Ventures Climate-Tech, said in a press release. “Their $160 million in early commitments is a stellar model of pre-launch sales for deep-tech corporations, which other climate-tech firms could emulate.”
Patrick McCall, Seraphim Space enterprise partner, said in a press release, “Satellite Vu stands out as a trailblazing industrial enterprise on the forefront of harnessing space and data to” address climate change.