Sky is no limit for UK satellite scale-up which secured £15m in Series A

Satellite Vu will use the funds to launch a satellite into orbit next year to monitor the sustainability of the Earth’s built environment.

UK scale-up Satellite Vu has secured £15m in its oversubscribed Series A funding round. The figure highlights the satellite company’s rapid growth, coming only six months after its seed funding round of £3.6m.

Its most recent funding round was led by space tech fund Seraphim Space Investment Trust. Other participants included Draper Esprit, A/O PropTech, Ridgeline Ventures, Earth Science Foundation, E2MC Ventures and Stellar Solutions/Ford Family Trust.

Satellite Vu plans to use the funds to launch seven thermal and infrared imaging satellites into space. Its first satellite is due to be launched into orbit in October 2022. It will provide data on how green every building on the planet is by collecting real-time temperature data about the Earth’s built environment.

By measuring the heat coming off a building, Satellite Vu will provide data that will be able to show if any individual building is being heated efficiently or which parts of a city are the worst emissions offenders.

The aim is that the data provided by the satellite will enable the real estate industry to become more energy efficient. It is currently one of the largest contributors to climate change.

Satellite Vu’s CEO, Anthony Baker said: “Our groundbreaking use of infrared and thermal imaging technology on our satellites will mean that landlords, funders, insurers and governments and regulators will be able to access real-time information at an affordable cost that will provide them with a single source of truth on how sustainable a building really is meaning they can take steps to make that building more sustainable. This latest round of funding means we can look ahead to the launch of our first satellite in late 2022 and start the process of securing delivery slots for the remaining six.”

In his comments on the funding allocation, Baker referenced the importance of mitigating the “impacts of climate change on our everyday lives and economy” in the context of the UN’s upcoming Climate Change Conference.

According to Baker, “the built environment is actually one of the primary polluters.” He said the reason the issue was not discussed alongside other sectors such as aviation was because of costs associated with monitoring.

Regular individual monitoring of buildings is too expensive both in terms of time and cost, meaning many of the environmental and sustainability ratings are often years out of date, he said.

“That’s simply not good enough when we clearly need to act now and means many are not aware of just how poorly a building is performing in terms of sustainability,” Baker added.

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