SatVu Secures $12.7M in Equity Funding

Earth observation startup SatVu has secured £20 million (~$25.4 million) in strategic funding, comprising a £10 million equity round and an insurance payout. The funds will accelerate the company’s build and launch of its HotSat-2 and HotSat-3 satellites, expected to ship out for launch in 2025.

Thermal satellite images by SatVu’s HotSat-1 on Dec. 6, 2023 indicated increased levels of activity at North Korea’s Yongbyon Nuclear Scientific Research Center. Courtesy of SatVu.

SatVu’s HotSat-1, launched last year, provided 3.5-m resolution thermal data for insights on global carbon emissions and energy activity. In a December press release, the company stated that the “insured satellite” suffered an anomaly that would impact ongoing operations. Before the setback, the satellite provided images of the Canadian wildfires in July 2023 and images of North Korea’s Yongbyon Nuclear Scientific Research Center that indicated increased levels of activity.

Succeeding HotSat-1, SatVu’s HotSat-2 and HotSat-3 satellites will provide near real-time thermal data to monitor infrastructure and economic activity and contribute to vital decision-making in energy transition efforts, the company said. A contract for HotSat-2 was signed in May. The company said it would leverage insights from the satellite’s predecessor to develop informative and analytics-ready data products in preparation for the next launch and has embarked on projects to deliver AI-driven insights.