This brings its total equity funding to £60m ($80m) as it bids to provide thermal intelligence previously unavailable from commercial sources. For example, it can provide heat signatures associated with activities in buildings.
As mentioned, the latest investors included the NATO Innovation Fund (NIF). Along with the British Business Bank, Space Frontiers Fund II (with SPARX Asset Management Co. Ltd. as the Fund Manager), and Presto Tech Horizons.
Commercial scaling
The company says it is transitioning from from single-satellite demonstration to execution of a multi-satellite constellation.
“This funding secures SatVu’s path to execute at scale,” said Camilla Taylor, Chief Financial Officer at SatVu. “We have a clear and credible path to a multi-satellite constellation, accompanied by investors that match the ambition and pace of the business.”
“This round provides the ability to move fast into sustained delivery this year – driving a major value inflection as we scale commercial operations and position the business for its next growth phase.”
NATO Innovation Fund
For its part, the NATO Innovation Fund highlighted the level of thermal intelligence being made availble. To both governements and commerce:
“SatVu’s thermal intelligence technology can provide governments and businesses across NATO nations with a level of detailed data that was simply not available before,” said Trisha Saxena, Senior Associate at NIF.
“We are pleased to support SatVu as it revolutionises the earth observation market, delivering critical insights to the security, finance and commodities sectors to help safeguard defence and economic activity across the Alliance.”
Constellations
Following the initial launch of HotSat-1 in June 2023, SatVu has two satellites planned for orbit in 2026. These are HotSat-2 and HotSat-3. And an additional three initiated under contract (HotSat-4, HotSat-5, and HotSat-6). The more the better as it increases revisit frequency.
World’s Thermometer
SatVu describes itself as the UK thermal intelligence company, and has previously declared its aim to become ‘The World’s Thermometer’.
SSTL – in Guildford, Surrey – manufactures its mid Wave Infra-Red (MWIR) thermal imaging satellites. They can provide temperature data of any structure on the planet in near real time.
Images: (top) an image of Chicago showing the potential to monitor rail logistics (bottom) HOTSAT-1
