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The UK start-up is preparing to launch a satellite constellation to provide data insights from its infrared technology.
Venture capital (VC) firm Molten Ventures has led a £12.7m funding round into Satellite Vu, a climate company working on thermal imaging data.
The funding came from an extension of a Series A funding round, which raises Satellite Vu’s total venture funding to £30.5m. The company plans to use this funding to enter commercial operation this year.
Satellite Vu is preparing to launch its own satellite constellation on a SpaceX mission, in order to provide new data for various sectors.
The UK company said it uses infrared technology to monitor the Earth and measure the impacts of human activity in near real time, which can provide “insights into economic activity”. This will allow businesses to make more environmentally friendly decisions, according to the company.
The company was founded in 2016 and lists multiple thermal imaging services on its website, such as energy insights, water pollution analysis and the energy efficiency of buildings.
Satellite Vu CFO Camilla Taylor said the funding puts the start-up in a “strong position” to hit its commercialisation goals 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 to both building an economically sustainable business and tackling the climate crisis,” Taylor said.
Molten Ventures is one of Europe’s most well-known VC firms, focusing on high-growth tech start-ups. Previously known as Draper Esprit, the firm has backed European unicorns in the past such as Revolut and Aircall.
The VC firm has been involved in various funding rounds over the past year such as the $54m funding round of biotech firm Evonetix.
Last December, Irish cybersecurity start-up Vaultree closed a $12.8m Series A funding round led by Molten Ventures. The VC company also co-led a €16m funding round for low-code blockchain platform SettleMint last October.
Last month, Molten Ventures led a £15m Series B round into UK company Riverlane, which is designing software and hardware to reduce errors in quantum computers.
Molten Ventures’ head of climate tech George Chalmers claimed Satellite Vu has $160m in early commitments and said the company is a “stellar model of pre-launch sales for deep tech companies”.
“Their unique technology tackles key climate issues and we’re impressed with their commercial progress,” Chalmers said.
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