Brief:
- Satellite Vu announces a total of £30.5m ($37.9m) raised in Venture Capital funding.
- Series A2 has closed at £12.7m ($15.8m).
- Satellite Vu has already secured customer commitments through its Early Access Option Programme (EAP) valued at over £128m ($160m).
- Space-enabled climate technology provides a valuable and uncomparable insight into global economic activity, energy efficiency and carbon footprint.
- First satellite in constellation launching in June 2023.
PRESS RELEASE — London / May 24, 2023 — Satellite Vu, the UK climate tech company, announces their Series A2 of £12.7m bringing their 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:
“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 highly anticipated. Their first thermal monitoring satellite – aka ‘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.
George Chalmers, Head of Climate-tech at Molten Ventures said:
“We’re leading SatelliteVu’s funding round as it prepares for its June launch. Their unique technology tackles key climate issues, and we’re impressed with their commercial progress. Their $160m in early commitments is a stellar model of pre-launch sales for deep-tech companies, which other climate-tech firms could emulate.”
Patrick McCall, Venture Partner, Seraphim Space, added:
“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. With a remarkable commitment of over 160 million dollars in their EAP and the imminent launch of their first satellite, I extend my heartfelt congratulations to Anthony and the entire team on their exceptional achievements. Together, they prove that the sky is not the limit.”
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.
Dr Paul Bate, Chief Executive of the UK Space Agency, said:
“By providing data from the unique vantage point of space, Satellite Vu’s technology can support action to protect our planet and bring us closer to Net Zero.”
“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.”
Following completion of the round George Chalmers (Molten Ventures – specialist climate tech VC) will be appointed to the Board, together with Patrick McCall (Venture Partner at Seraphim Space, ex Virgin Group, Chair of Virgin Orbit and Virgin Galactic). Camilla Taylor (Satellite Vu CFO), will join Anthony Baker on the Board, representing the company.
Satellite Vu is committed to delivering world-class thermal satellite data to support climate action.
SOURCE: Satellite Vu
Featured image: Credit: Satellite Vu
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