UK scale-up Satellite Vu has secured £15m in an oversubscribed Series A funding round, coming only six months after its seed funding round of £3.6m.
The latest funding round was led by space-tech fund Seraphim Space Investment Trust. Other participants included Draper Esprit, A/O PropTech, Ridgeline Ventures, Earth Sciences Foundation, E2MC Ventures and Stellar Solutions/Ford Family Trust.
Satellite Vu plans to use the funds to launch seven thermal and infrared imaging satellites into space. Its first satellite is due to be launched into orbit in October 2022.
The aim is to provide data on how green every building on the planet is by collecting real-time temperature data about the Earth’s built environment. By measuring the heat coming off a building, Satellite Vu will provide data that will be able to show if an individual building is being heated efficiently or which parts of a city are the worst emissions offenders.
“Our groundbreaking use of infrared and thermal imaging technology on our satellites will mean that landlords, funders, insurers and governments and regulators will be able to access real-time information at an affordable cost that will provide them with a single source of truth on how sustainable a building really is meaning they can take steps to make that building more sustainable,” said Satellite Vu’s CEO, Anthony Baker.
“This latest round of funding means we can look ahead to the launch of our first satellite in late 2022 and start the process of securing delivery slots for the remaining six.”
As the COP26 UN Climate Change Conference approaches, Baker highlighted the importance of mitigating the impacts of the climate crisis in our everyday lives and economy.
“The built environment is actually one of the primary polluters across our globe,” he added. “But regular individual monitoring of these buildings is too expensive both in terms of time and cost, meaning much of the environmental and sustainable ratings are often years out of date. That’s simply not good enough when we clearly need to act now.”
George Chalmers, associate at Draper Esprit, said “consistent and robust data is crucial” and Satellite Vu can bring new information to important markets.
“We believe in its potential to lead the charge in how we measure the energy efficiency and carbon footprint of our built world and deliver on the promises we are making to our planet.”
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