Finnish Earth observation company Kuva Space has raised a €16.6 million Series A funding round which will see its team double in size, expand to the US market, launch of its AI analytics platform, and further development of the company's space tech.
The round was led by existing investors Voima Ventures and Nordic Foodtech VC, also participating in the round was Earth VC, Finnish private investors through a growth funding initiative with Springvest and non-equity funding from Business Finland.
Kuva Space claims it can ‘distinguish nearly any material on Earth’. Its patented hyperspectral camera on a microsatellite can determine the health, and monitor, the likes of crops, plants, biodiversity, soil, marine conditions, and chemical pollutants.
Its AI-driven analytics platform collects real-time data, identifying environmental changes and insights for increased crop yield or creating opportunities for improved food security, defence, safety, and carbon sequestration credibility.
“The exceptional technology of Kuva Space enables a step change in resource-efficient farming and in monitoring and mitigating the environmental impacts of global food production,” says Jari Tuovinen, partner at Nordic Foodtech VC.
The firm which was the NATO Arctic Challenge Innovation winner and secured a €5 million commercial contract from the European Commission to be the sole provider of hyperspectral data services for the Copernicus programme, will bill its solution as a subscription model.
With three satellites already in space, Kuva Space will launch two new satellites in the coming year and launch its initial services. The first one, Hyperfield-1, is scheduled to launch in June 2024, Kuva Space is planning a constellation of up to 100 satellites by 2030.
Lead image via Kuva Space.