Image credit: Satellite Vu
Molten Ventures is leading a £12.7m Series A extension round into Satellite Vu ahead of its first launch next month.
The firm plans to provide energy monitoring services for equipment, buildings and water via satellites.
“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,” said Camilla Taylor, CFO of Satellite Vu.
The firm is working with Surrey Satellite Technology for the construction of its satellite constellation.
The company is aiming to launch the first satellite in a constellation of eight at the start of next month onboard a SpaceX rocket.
Satellite Vu’s Series A, led by Molten Ventures, was also contributed to by prior backers Seraphim Space Investment Trust PLC, A/O Proptech, Lockheed Martin, Ridgeline Ventures, Earth Sciences Foundation and Stellar Ventures.
According to the business it has more than £128m in customer commitments. London-based Satellite Vu’s Series A now stands at £30.5m.
George Chalmers, head of climate tech at Molten Ventures, said: “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.”
Series B fundraising will begin after the first satellite launch to fund the remaining seven satellites.