Satellite VU closes Series A round, bringing total investment to £20m

British Earth Observation scale-up Satellite Vu has successfully closed the second round of its Series A, bringing total investment to £20 million.

Founded in 2016, Satellite Vu’s first funding round was led by Seraphim Space Investment Trust Plc, the world’s first listed SpaceTech Fund. New participants in the second close include Contrarian Ventures, as well as US investors Lockheed Martin, and In-Q-Tel, Inc. — notable for their mission to invest in cutting-edge technologies to enhance the national security of the United States.

The funding round highlights Satellite Vu’s rapid growth; the company raised its seed round funding of £3.6 million ($5 million) in April last year.

As well as US expansion, Satellite Vu’s new investment will be directed to ramping up its plans to launch a constellation of seven thermal infrared imaging satellites that will offer a resolution of 3.5m. This outperforms existing available resolution of 100m.

Satellite Vu plans to launch the first of its constellation of satellites into orbit within the next year. The satellite will collect thermal data, day and night, of both the natural and the built environment at any location on the planet.

This constellation will be used to provide near real-time data on the green credentials of buildings anywhere on the planet. The power of Satellite Vu’s technology stretches beyond the built environment, into applications within environmental monitoring, sustainable finance, and activity-based intelligence. The company has also started measuring and disclosing its own carbon emissions in full, as the first step to reach Net Zero targets.

Anthony Baker, CEO of Satellite Vu, said: “We are thrilled to have raised further funding to propel our expansion into the US market. Our advanced thermal infrared camera will be able to offer unique, previously unseen insights into human activity and the full constellation will enable up to twenty revisits per day of a single location anywhere on the planet.

“The funding supports the development of new applications and enables closer collaboration on proof of concepts with our customers. This investment further demonstrates that our technology offers potential benefits for national security capabilities, and we look forward to building and expanding our relationship with partners overseas, particularly the US.”

James Bruegger, Chief Investment Officer of Seraphim Space (Manager) LLP, commented: “Our latest investment into Satellite Vu reflects our confidence and commitment to a company that is on the precipice of significantly advancing the capability of the space sector.

“The funding round will give the company the capital to ramp up its plans to launch a constellation of seven thermal infrared imaging satellites, integral to helping provide near real-time insight on a building’s heat loss, monitor potential weather disasters and universally record carbon emissions. Satellite Vu is imperative to helping solve the biggest challenges we face.”