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Tuesday, Jul 23, 2024

Climate tech specialist Satellite Vu secures £13m funding boost

Climate tech specialist Satellite Vu secures £13m funding boost

A London-based company which has developed a satellite dubbed "the world's thermometer" will this week unveil a sizeable funding boost at a premium to its previous valuation.
A British-based company which uses thermal imaging to detect heat loss from buildings anywhere on Earth has secured nearly £13m in additional funding.

Sky News has learnt that Satellite Vu (SatVu) will announce this week that Molten Ventures, the London-listed investment group, has led a Series-A2 round which adds to financing already secured from companies including the ventures arm of American aerospace giant Lockheed-Martin.

Sources said the deal would be announced publicly on Wednesday.

SatVu, which was founded in 2016 and is headquartered in London, is a climate technology specialist which provides clients with insights into energy efficiency and carbon footprints.

It has developed a thermal monitoring satellite dubbed 'the world's thermometer', which has been built in partnership with Surrey Satellite Technology.

Its launch is scheduled to take place next month, using SpaceX, Elon Musk's commercial space venture.

SatVu serves customers in sectors such as built environment, defence and intelligence, and industrials, and has secured customer commitments through its Early Access Option Programme (EAP) valued at nearly £130m.

The company employs 45 people.

The new capital was secured at a premium to the valuation of its previous financing, the company said.

It will be used to accelerate the provision of its services to clients.

Camilla Taylor, SatVu's chief financial officer, said: "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 new funding round included backing from existing investors such as Lockheed-Martin, the London-listed Seraphim Space Investment Trust, and Earth Sciences Foundation.

Following completion of the round, investors including George Chalmers of Molten Ventures will join the SatVu board.

Patrick McCall, a venture partner at Seraphim Space and SatVu director, said: "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.
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