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03 Dec 2024
Space-based thermal imaging startup also bolstered by insurance payout following ‘HotSat-1’ setback.
SatVu, a startup company in central London specializing in satellite-based thermal imaging, says it has secured an additional £20 million thanks to the combination of a new round of equity funding and an insurance payout.
The firm, which delivers Earth observation imagery captured using high-resolution mid-wave infrared (MWIR) sensors, says that the cash injection will support the launch of its “HotSat-2” and “HotSat-3” satellites, which are both expected to reach orbit next year.
The HotSat constellation was led by the launch of “HotSat-1” in June 2023, and is said to produce “unparalleled” thermal data with a resolution of just 3.5 meters. SatVu says that its approach is able to unlock new levels of insight into global carbon emissions and energy activity.
Energy challenge
Co-led by the newly established European venture capital firm Adara Ventures, alongside existing investor Molten Ventures, the latest equity raise of £10 million follows the startup’s previous fundraising efforts, which realized £19 million back in 2021, and a further £13 million in June 2023 that was followed swiftly by the launch of HotSat-1.
Commenting on the cash boost, SatVu’s CEO and co-founder Anthony Baker said: “With the invaluable new support from Adara Ventures, alongside the continued backing of our existing investor network, we’re accelerating our mission to deliver unparalleled thermal insights that empower industries and governments to take decisive climate action.
“The launch of HotSat-2 and HotSat-3 will bring us closer to a net-zero future by providing the data needed to address the most pressing environmental and energy challenges of our time.”
The two new satellites are set to provide near real-time thermal data, helping with the energy transition by monitoring infrastructure and economic activity.
HotSat-1 setback
Built by key partner Surrey Satellite Technology and described as a “pathfinder” satellite, HotSat-1 delivered its first imagery in October last year, locating active fire fronts in Canada, urban heat islands in Las Vegas and Fresno, California, and an incident at a major oil refinery in Kuwait.
However, in December 2023 SatVu revealed that the HotSat-1 mission had suffered a malfunction that halted ongoing operations.
According to a May 2024 report by Spacenews quoting SatVu CEO Baker, that malfunction was likely due to an issue with the power circuit in the satellite’s camera.
Despite the setback, the company has since signed a deal with Australia’s Office of Planetary Observations (OPO) aimed at helping to tackle urban heating by close monitoring of “greening” and other heat mitigation activity.
And earlier this year, on signing a contract to launch HotSat-2 and HotSat-3, SatVu said that it was poised to generate significant recurring revenue, and to reach commercial scale prior to the planned expansion of its constellation to nine satellites.
“The strong support from investors reflects confidence in SatVu's vision and its ability to drive positive global impact through space-enabled solutions,” said the startup at the time.
One of those investors, Seraphim’s Patrick McCall, said: “Building upon the insights gained from HotSat-1, the launches of HotSat-2 and HotSat-3 will offer extraordinary high-resolution thermal data. This advancement will redefine our understanding of energy production, infrastructure activity, and emission dynamics - informing critical decisions as the world strives towards net-zero.
“To achieve transformative climate action, we must be guided by the data. SatVu's technology provides the essential intelligence our planet requires, paving the way for a sustainable future.”
Alberto Gómez from Adara Ventures added: “By harnessing high-resolution thermal imaging technology to unlock previously inaccessible data, we believe SatVu is well-positioned to fuel a new generation of data applications across multiple use cases that monitor energy efficiency, economic activity, renewable generation, and beyond.”
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