Space and climate tech company bolsters growth via latest eight-figure investment

Satellite Vu, a London based climate tech company, has announced its Series A2 of £12.7m bringing its total investment to £30.5m in Venture Capital funding to accelerate its mission to provide sustainable solutions to global issues.

The A2 round was led by Molten Ventures, with participation from Seraphim Space Investment Trust PLC, A/O Proptech, Lockheed Martin, Ridgeline Ventures, Earth Sciences Foundation, and Stellar Ventures - all existing investors.

Satellite Vu’s space-enabled climate technology provides a “valuable and incomparable” insight into economic activity, energy efficiency and carbon footprint for a range of industries including: Built Environment; Defense and Intelligence and Industrial Activity Monitoring.

This data will enable industries, organisations and governments to take critical action towards Net Zero goals. Satellite Vu has already secured customer commitments through its Early Access Option Programme (EAP) valued at over £128m ($160m).

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.

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.

Camilla Taylor, CFO, Satellite Vu, commented: “This funding round puts us in a strong position to hit our commercialisation goals over the next 12 months and build the foundations to enable rapid scale-up post-Series B.

“We are proud to have such meaningful support from our existing investors - it shows that we are on the right track, both to building an economically sustainable business and tackling the climate crisis.”

The company’s upcoming satellite launch via SpaceX, slated for early June, is said to be “highly anticipated”. Its first thermal monitoring satellite, ‘The World’s Thermometer’, built in partnership with Surrey Satellite Technology Ltd (SSTL), is ready for deployment and is expected to deliver “valuable” data to support Satellite Vu’s mission.

This funding will enable Satellite Vu to enter commercial operation, converting EAP customers to revenue bookings from Q4 2023, post launch, to bring unique new datasets to market, and to build out an organisational structure ready to scale post completion of a Series B round.

Satellite Vu expects to go to market for a Series B raise post first launch, to complete the constellation of eight satellites to enable high frequency thermal monitoring at scale.

By Matthew Neville – Senior Correspondent, Bdaily

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