A UK-based business which uses thermal imaging to detect heat loss from buildings anywhere on Earth will announce this week that it has raised another £10m from prominent backers.
Sky News understands that SatVu has secured the funding ahead of two satellite launches scheduled to take place next year.
The fundraising is being led by existing investor Molten Ventures, a London-listed backer of early-stage companies, and Adara Ventures, which is deploying money into SatVu for the first time.
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The deal is the inaugural investment being made by Adara’s new energy fund, which has been earmarked for pioneering technologies which can help to drive the energy transition to cleaner fuels.
SatVu supplies climate data which gives clients in sectors such as the built environment and defence insight into energy efficiency and carbon footprints.
It is also understood to have secured support from other existing investors, including the ventures arm of American aerospace giant Lockheed Martin and London-listed space investor Seraphim.
Based in London, the company has developed a monitoring satellite dubbed ‘the world’s thermometer’, built in partnership with Surrey Satellite Technology.
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An announcement, which will also disclose that SatVu has received a £10m insurance payout after its inaugural satellite mission ended late last year, is expected on Thursday.
Anthony Baker, co-founder and chief executive of SatVu, said the new funding would accelerate the company’s ability “to deliver unparalleled thermal insights that empower industries and governments to take decisive climate action”.
He claimed: “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’s first satellite constellation launched in June 2023, when it launched with Elon Musk’s SpaceX.
Patrick McCall, a venture partner at Seraphim, said SatVu was “redefining Earth observation with [its] groundbreaking thermal imaging technology”.
He added: “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.”
