SatelliteVu raises “up round” of £12.7m in Series A2 funding26th May 2023
SatelliteVu, a UK-based climate tech company set to use satellites to monitor water pollution and energy efficiency, has just raised £12.7 million in its latest round of funding. Backed by multiple industry investors, such as Molten Ventures, Seraphim Space Investment Trust, Lockheed Martin, and more, the company now has a total investment of £30.5 million in venture capital funding.
‘Up round’ of funding
The £12.7 million investment in SatelliteVu’s series A2 funding is an “up round” for the company, according to a press release published on Wednesday, the 24th of May. According to Investopedia, series A rounds typically raise between $2 million (£1.6 million) to $15 million (£12 million), but due to an increase in high-tech industry valuations, the median of series A funding was $10 million (£8 million) in 2021.
“Unique in the current market for wider VC-backed businesses, this level of investment shows the continued growth and appetite for space and climate technology funding,” SatelliteVu said. “This Series A2 was an ‘up round’ for Satellite Vu, highlighting the confidence investors have in the company’s cutting-edge thermal satellite technology and their ready-to-buy revenue stream, which gives them an edge in the climate mission market.”
What SatelliteVu does
The company was founded in 2016 and hoped to fill the gap in high-resolution thermal data imaging from space. Using Infrared technology, the company will monitor the Earth in near real-time to determine energy use and how to help businesses be more environmentally friendly. The company is preparing to launch seven UK-built satellites into low Earth orbit (LEO) which will collect thermal data at any location of the planet, revisiting them as frequently as twice per hour.
The company focuses on three main economic activities: Energy use, building insights, and water pollution. The constellation will be able to measure the heat signature of any building throughout the day, which will give customers insights into building heat loss, how they can implement energy optimization investments, and how they can save money. The company is also offering a global thermal water pollution monitoring solution with a 3.5-meter resolution.
“In these extraordinary times of immense technological progress, Satellite Vu stands out as a trailblazing commercial enterprise at the forefront of harnessing space and data to revolutionise our approach to major climate change issues,” said Patrick McCall from Seraphim Space.
“This investment is crucial in the fight against climate change. By supporting Satellite Vu’s cutting-edge technology, investors are backing a sustainable future and a world where carbon emissions are significantly reduced.”
First satellite launch in June
The company’s offerings are set to become a reality as it prepares for its first satellite launch in June. In February 2023, SatelliteVu signed a deal with SpaceX to launch its first high-resolution thermal imagery satellite.
Before even launching, the company has already secured purchase options from several companies. In February, SatelliteVu announced its Early Access Programme (EAP) bagged £81 million in purchase options from thirty companies. The EAP was established to provide customers and partners with “preferred access to their imagery products” and the “opportunity to secure valuable capacity on the inaugural satellite”, SatelliteVu says.
Dr. Paul Bate, the CEO of the UK Space Agency, which has also funded the company, said SatelliteVu’s technology will bring the nation closer to its Net Zero goals. “The commercial demand for these services is demonstrated by the customer commitments secured to date, and this impressive new funding round is a brilliant example of how support from UK Space Agency programmes is catalysing investment into the sector. I wish the team at Satellite Vu all the best for their upcoming satellite launch next month,” Dr. Bate said.