Earth observation data provider SatVu has announced that it has secured £10 million (€12 million) in new funding to accelerate the deployment of the company’s HotSat-2 and HotSat-3 satellites.
London-based SatVu was founded in 2016 and provides high-resolution thermal data that provides actionable insights for environmental monitoring and industries such as energy and infrastructure.
In a 28 November press release, SatVu announced that it had secured a £20 million “cash injection,” £10 million of which came from an equity round co-led by Adara Ventures and Molten Ventures. According to the company, the other £10 million came from “an insurance payout.”
While the press release doesn’t specify the incident that resulted in a £10 million insurance payment, a December 2023 SatVu announcement identifies a likely source. The company describes an anomaly aboard its HotSat-1 satellite, which was launched aboard a SpaceX Falcon 9 in June 2023. In the announcement, the company describes it as an “insured satellite.”
The £20 million cash injection will enable the company to accelerate the construction and launch of the company’s HotSat-2 and HotSat-3 satellites.
“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,” said Anthony Baker, SatVu CEO and co-founder. “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.”
SatVu estimates that it will ship both its HotSat-2 and HotSat-3 satellites for launch in 2025.
