UK climate-tech startup Satellite Vu, developer of what it says will be the world’s highest-resolution thermal imaging satellite, has raised £12.7mln from a group of investors led by existing shareholder Molten Ventures PLC (LSE:GROW).
The money comes as the company prepares for its first satellite to be launched via one of SpaceX Falcon 9 rocket's rideshare missions next month, which will enable it to start commercial operations.
Based on existing customer commitments, Satellite Vu is expected to begin generating revenue from the fourth quarter of this year, converting purchase options it said earlier this year amounted to £81mln from 30 clients as part of its early access programme (EAP), including Ordnance Survey and Japan Space Imaging Corporation.
Its satellites, of which a second has also been commissioned, are designed to allow the measurement of thermal emissions of structures on Earth to allow the monitoring of energy efficiency, carbon footprint and other economic activity,
The startup's finance chief, Camilla Taylor, said the funding "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".
Molten Ventures said the level of investment and it being an 'up round', where the value of the company increased, was "unique in the current market for wider VC backed businesses" and "shows the continued growth and appetite for space and climate technology funding".
Another investor in the funding round is Seraphim Space Investment Trust PLC (LSE:SSIT), which said on Tuesday it had completed a £2.1m follow-on investment in Satellite Vu.
Global thermometer from space
Satellite Vu has said it is looking to become "the world’s global thermometer from space", with seven satellites with high-resolution infrared satellite imagery designed to measure the thermal emissions of structures on Earth.
The launch in June will carry the first satellite into space. The first satellites are being built by Surrey Satellite Technology.
Working with clients, the technology will be able to monitor global energy levels and industrial activity output, which it expects to be useful for government, defence, climate finance, asset management, trading, investment, and many other sectors.
It says the satellite video generation capability has advantages over traditional imagery, "allowing for the detection of highly dynamic features and the building of 3D profiles, useful for a range of applications such as alleviating the effect of heat islands in inner cities, monitoring the pollution of waterways from industrial processes, reducing the cost of heating buildings and ensuring buildings are energy efficient, and assessing the activity status of solar farms".
Customers in its EAP programme include specialists in satellite image processing and geospatial analysis such as Kayrros and Earthi.
Others include Nexqt, Climate Engine and the Office of Planetary Observation, which will use thermal data from Satellite Vu to observe a "pattern of life thermal index" for commercial and residential buildings.
Another partner, SkyFi, provides on-demand satellite imagery to anyone with a smartphone, tablet or computer, designed to "democratise Earth observation".
As well as images, its 60 second videos are expected to enable the visualisation of changes over time for agricultural monitoring applications, which are being explored by agritech client farmAIr, a specialist in plant stress management and crop protection.