Molten Ventures, a leading venture capital firm investing in high growth technology businesses, has led a £12.7m Series A2 round for portfolio company Satellite Vu.
The latest investment brings the UK climate-tech company’s total venture funding to £30.5m.
The funding will serve to accelerate the company’s mission to provide sustainable solutions to global issues.
The company’s upcoming satellite launch via SpaceX is highly anticipated, and this funding will enable Satellite Vu to enter commercial operation, converting its Early Access Option Programme (EAP) customer commitments to revenue bookings from Q4 2023.
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; defence and intelligence and industrial activity monitoring.
This data will enable industries, organisations and governments to take critical action towards Net Zero goals.
Camilla Taylor, CFO, Satellite Vu, 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 to both to building an economically sustainable business and tackling the climate crisis.”
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.”
Satellite Vu was founded to capture the high-resolution thermal data from space for a safer, more sustainable earth. It will use infrared technology to monitor locations on earth in near real-time to measure the impact of human activity and these images will provide valuable insights into economic activity, energy efficiency and disaster response monitoring the spread of wildfires, urban heat island effects, water pollution and the energy efficiency of buildings. Satellite Vu aims to be Earth’s thermometer from space.
Molten Ventures is a leading venture capital firm in Europe, developing and investing in disruptive, high growth technology companies.