London-headquartered thermal infrared Earth observation data provider SatVu announced that it has closed a £30 million (approximately €34.3 million) funding round as it prepares to deploy a pair of satellites into orbit.
The company launched its first satellite, HotSat-1, aboard a SpaceX Falcon 9 in June 2023. The satellite provided high-resolution thermal infrared imagery with a resolution of up to 3.5 metres. However, it remained operational for only six months of its expected multi-year lifespan.
In May 2024, the company announced that it had contracted UK-based Surrey Satellite Technology Ltd (SSTL) to build its next two satellites: HotSat-2 and HotSat-3. At the time, the company stated that the two satellites were scheduled for launch in 2025, but they did not launch.
On 17 February, the company announced that it had secured an additional £30 million in funding to move from a “single-satellite demonstration to execution of a multi-satellite constellation.” The round included contributions from the NATO Innovation Fund, British Business Bank, Space Frontiers Fund II, and Presto Tech Horizons, and brought the company’s total funding to £60 million.
“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,” said SatVu CFO Camilla Taylor.
The company’s 17 February announcement included a revised expected timeframe of sometime in 2026 for the launch of its HotSat-2 and HotSat-3. The company also indicated that a further three satellites beyond the two planned for 2026 are already being worked on, with HotSat-4 and HotSat-5, together with long-lead elements of HotSat-6, now under contract.
While SatVu does list national security as one of its technology’s potential applications, it has not made a major pivot toward defence, unlike many other European Earth observation data providers, instead focusing on economic monitoring and climate resilience. One example of this broader shift toward defence markets is Munich-based Constellr, which earlier this month announced the closure of a €37 million Series A funding round. The company said the funding would be used to advance its thermal imaging system to “defence-grade status” for sovereign intelligence, surveillance, and reconnaissance applications. This represents a significant shift for a company that initially marketed its offering for “smart farming services.”
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