London, 3 November 2023.- Kuva Space, a Finnish hyperspectral satellite imagery company, has successfully raised 16.6 million euros ($17.6 million) in a recent Series A funding round. The startup, founded in 2016, aims to accelerate its satellite launches and expand its market reach, especially in the United States.
The funding will be utilised to enhance Kuva Space’s AI analytics platform. The company will incorporate proprietary data, mainly in the fields of defence applications and tracking society’s environmental impact. They plan to launch two commercial hyperspectral microsatellites in 2024, with the long-term goal of deploying up to 100 satellites by 2030. The satellite network intends to offer customers spatial resolution exceeding 10 metres per pixel. In addition, subscription plans will provide daily hyperspectral monitoring starting in 2026, and increase to three daily views by 2030.
The recent funding round was led by existing investors Voima Ventures, Nordic Foodtech VC, and Earth VC based in Singapore. The Series A round also included support from private Finnish investors and Business Finland, which provided non-equity funding.
“Our growth funding campaign was oversubscribed in less than three days. We are extremely excited that our investors share our mission to improve life on Earth. We firmly believe that quality and timely spaceborne insights will empower communities to make informed decisions and create a sustainable future,” said Jarkko Antila, CEO of Kuva Space. “With this funding round, we are well-equipped to accelerate our satellite launches, enhance our AI analytics platform with proprietary data, and further our market expansion, particularly in the United States.”
Kuva Space is set to establish a business development organisation in the United States, allowing them to better understand customer requirements and timelines. The company believes the move will enable them to collaborate more flexibly with existing US capabilities, but also create new opportunities for funding.