Saudi Press

Saudi Arabia and the world
Monday, May 27, 2024

Climate tech specialist Satellite Vu secures £13m funding boost

Climate tech specialist Satellite Vu secures £13m funding boost

A London-based company which has developed a satellite dubbed "the world's thermometer" will this week unveil a sizeable funding boost at a premium to its previous valuation.
A British-based company which uses thermal imaging to detect heat loss from buildings anywhere on Earth has secured nearly £13m in additional funding.

Sky News has learnt that Satellite Vu (SatVu) will announce this week that Molten Ventures, the London-listed investment group, has led a Series-A2 round which adds to financing already secured from companies including the ventures arm of American aerospace giant Lockheed-Martin.

Sources said the deal would be announced publicly on Wednesday.

SatVu, which was founded in 2016 and is headquartered in London, is a climate technology specialist which provides clients with insights into energy efficiency and carbon footprints.

It has developed a thermal monitoring satellite dubbed 'the world's thermometer', which has been built in partnership with Surrey Satellite Technology.

Its launch is scheduled to take place next month, using SpaceX, Elon Musk's commercial space venture.

SatVu serves customers in sectors such as built environment, defence and intelligence, and industrials, and has secured customer commitments through its Early Access Option Programme (EAP) valued at nearly £130m.

The company employs 45 people.

The new capital was secured at a premium to the valuation of its previous financing, the company said.

It will be used to accelerate the provision of its services to clients.

Camilla Taylor, SatVu's chief financial officer, said: "This funding round puts us in a strong position to hit our commercialisation goals over the next 12 months and build the foundations to enable rapid scale-up post-Series B.

"We are proud to have such meaningful support from our existing investors - it shows that we are on the right track, both to building an economically sustainable business and tackling the climate crisis."

The new funding round included backing from existing investors such as Lockheed-Martin, the London-listed Seraphim Space Investment Trust, and Earth Sciences Foundation.

Following completion of the round, investors including George Chalmers of Molten Ventures will join the SatVu board.

Patrick McCall, a venture partner at Seraphim Space and SatVu director, said: "In these extraordinary times of immense technological progress, Satellite Vu stands out as a trailblazing commercial enterprise at the forefront of harnessing space and data to revolutionise our approach to major climate change issues.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
US and UK to Reject ICJ Ruling on Israel's Rafah Offensive
World Court Orders Immediate Halt to Israeli Offensive in Gaza
Global Life Expectancy Dropped By 2 Years Due To COVID-19
US Refuses World Court Jurisdiction
Norway, Ireland, and Spain Recognize Palestinian State
Iran President Ebrahim Raisi's Death Alters Succession Dynamics
ICC Seeks Arrest Warrants for Israeli and Hamas Leaders
Death of Iran's President Raisi Stirs Succession Race for Supreme Leader
Saudi Arabia's Flourishing Venture Capital Sector Attracts International Investments
Saudi Aviation Sector Boosts Economy with $21 Billion Contribution
Blinken orders crackdown on Israel-Hamas leaks
Future Aviation Forum 2024 to Propel Saudi Arabia’s Vision 2030
What Happens If an Iranian President Dies in Office?
Iranian President Ebrahim Raisi Reportedly Killed in Helicopter Crash
Saudi Arabia Advances Procurement and Supply Chain Innovation
Saudi Arabia’s Holdings in US Treasuries Rise to $135.9 Billion
Saudi Arabia Emerges as a Hub for Sustainable Technology Manufacturing
UN General Assembly Approves Palestinian Membership Bid
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
FedEx Airlines Boeing 767 cargo plane lands on nose at Istanbul Airport
Apple Faces Significant Sales Decline Amid AI Integration Delay
Netanyahu's Firm Stance Amid Rafah Hostage Talks
BlackRock to Establish Saudi Investment Firm
Dubai's New Al Maktoum International Airport: World's Largest with ₹2900 Crores Investment, 5 Runways, and 260 Million Annual Capacity
New UK Laws: Banning Weak Passwords for Internet-Connected Devices to Enhance Cybersecurity
Blinken on Gaza: Ceasefire is Key to Humanitarian Crisis Resolution
UAE Prime Minister Announces $544M for Home Repairs after Historic Rains, Vows to Learn from Experience
Germany Sends New Frigate to Red Sea to Protect Ships Amid Houthi Attacks
Isfahan Explosions: US Media Reports Israel's Retaliatory Strikes on Iran
Four Dead, Dubai Airport Disrupted: UAE's Heaviest Rains in 75 Years Cause Flooding and Flight Chaos
Dubai's Historic Flooding: Homes Ruined, Airport Disrupted Due to Lack of Storm Drains
Meteorologist Warns of 'Weather Wars' Amid Debate over Dubai Rain and Cloud Seeding
Saudi Arabia Leads in Artificial Intelligence Development: Ranked First by Stanford University Index
Dubai's Airport and Roads Disrupted for Third Day Amid Heavy Rain and Flooding: 1,285 Flights Cancelled or Diverted
Doha Hamad Overtakes Singapore Changi as World's Best Airport in Skytrax Awards 2024
Dubai Airports: Stranded Tourists 'Living on Duty Free,' Desperate for Food and Water
Turkish President Erdogan to Host Hamas Leader Haniyeh Amidst Israel Tensions
BOEING WHISTLEBLOWER: THE MAX AIRPLANE IS NOT SAFE!!!
Creative menu of a Pizza restaurant..
Heavy Rains Cause Flooding in UAE and Oman: 18 Lives Lost
Look at this weather in Dubai. It looks like the end of days
You can be a very successful player, but a player with character is another level!
Come to Dubai, ya Habibi
Stay safe, ya Habibi
Dubai underwater, Influencers are stranded in their Rolls Royces in flooded roads as skies turn black in apocalyptic scenes as storm hits region.
×