Image credit: Satellite Vu
A Series A extension round of £12.7 million, led by Molten Ventures, is being conducted before Satellite Vu's inaugural Launch in the upcoming month.
The company has designed a satellite strategy for tracking energy consumption in machinery, structures and water resources.
Camilla Taylor, CFO of Satellite Vu, declared that this financial investment places them in a powerful position to reach their commercialisation objectives during the following 12 months and create the base for fast expansion post-Series B.
The company has collaborated with Surrey Satellite Technology to assemble its satellite array.
The business is striving to send the opening satellite of eight constellations into space with a SpaceX rocket at the beginning of next month.
Molten Ventures, the lead investor in Satellite Vu's Series A round, was joined by prior backers such as Seraphim Space Investment Trust PLC, A/O Proptech,
The business states that its customer commitments total more than £128 million. The Series A funding for London-based Satellite Vu has reached £30.5 million.
According to George Chalmers, the CEO of Molten Ventures, they are highly impressed with the technology used to address climate issues and the $160 million of early commitments made by the company. He believes this is an exemplary model of pre-launch sales for deep-tech companies, which other climate-tech firms could strive to replicate.
Once the first satellite is launched, the Series B fundraising will commence to cover the costs for the remaining seven satellites.