British satellite startup Satellite Vu has raised £12.7 million in what it’s referring to as a Series A2 funding round. The company aims to monitor the temperature of any building on the planet in real-time from space and deliver insights into economic activity, energy efficiency, and carbon footprint alongside keeping tabs on defence and intelligence, and industrial activity.
Ultimately, the company’s goal is to essentially be the thermometer for planet Earth. The new funding will be used to thrust forward plans to commercialise Satellite Vu’s services, particularly those of the $160 million worth of purchase options from some 30+ companies involved in their Early Access Programme (EAP) and convert said commitments into revenues. To date, the firm has raised £30.5 million.
Satellite Vu plans to launch its first satellite next month on a SpaceX Falcon 9 rideshare flight.
"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,” said Satellite Vu CFO Camilla Taylor. “We are proud to have such meaningful support from our existing investors - it shows that we are on the right track to both to building an economically sustainable business and tackling the climate crisis."
Satellite Vu’s Series A2 round was led by existing investor Molten Ventures. Previous backers of the startup include Seraphim Space Investment Trust, A/O PropTech, Ridgeline Ventures, Earth Science Foundation, E2MC Ventures, and Stellar Solutions/Ford Family Trust.