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Kuva
Space raises €16.6M funding round to launch its
microsatellite constellation and observe the
molecular composition of any material on Earth
November 2nd, 2023
Finnish Earth observation
company Kuva Space has successfully raised €16.6M in
funding. The funding round was led by existing
investors Voima Ventures and Nordic Foodtech VC,
with Singapore-based Earth VC also participating.
The round also includes Finnish private investors
through a Finland-based growth funding initiative
with Springvest and non-equity funding from Business
Finland.
The company will use the
capital to accelerate the development of its
patented hyperspectral camera and space technology,
double its team size, and launch its AI analytics
platform. Kuva Space also plans to expand its
presence in key markets, starting with the United
States.
Kuva Space’s commercial
microsatellite, equipped with a patented
hyperspectral camera, can distinguish nearly any
material on Earth and its condition through its
distinct spectral signature. This means the company
can monitor things like crop types, plant health and
biomass, biodiversity, soil conditions, seaweed
growth, algae blooms, and marine chemical pollutants
at scale.
By leveraging its AI-driven
analytics platform, Kuva Space automatically
transforms the collected data into actionable
insights, empowering customers to monitor, identify,
and forecast changes and their impact in near
real-time. This approach helps organizations make
financially smarter and environmentally responsible
decisions to improve food security, defense, safety,
and carbon sequestration credibility.
“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,” says 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.”
Unlike existing Earth
observation solutions, where images are delivered
based on individual customer requests, Kuva Space
will provide a near real-time monitoring tool as a
subscription service. The business model, built
around daily hyperspectral observations and an
advanced AI analytics platform, will change how
customers, especially non-space firms, use
spaceborne data to execute ESG strategies, launch
new products, and boost productivity.
“As an early investor, we have
been big believers of Kuva Space’s pioneering work
both in defense applications, as well as improving
upon how we track and measure society’s
environmental impact,” affirms Inka Mero, chairwoman
of Kuva Space board, founder and CEO of Voima
Ventures, known for its strategic investments in
groundbreaking Nordic deep tech companies. ”With
Finland’s emergence as a European leader in space
technology, we’re extremely excited about what the
future holds for Kuva Space.”
Nordic Foodtech VC, a
forward-looking investor focused on shaping the
future of food technology, echoes this sentiment.
“The exceptional technology of Kuva Space enables a
step change in resource-efficient farming and in
monitoring and mitigating the environmental impacts
of global food production,” says Jari Tuovinen,
partner at Nordic Foodtech VC.
The funding adds to two key
company developments this year, with the company
being awarded the NATO Arctic Challenge Innovation
winner and a €5M commercial contract from the
European Commission to be the sole provider of
hyperspectral data services for the Copernicus
program.
With its recently established
presence in the United States, Kuva Space aims to
tap into new opportunities with the U.S. Department
of Defense and commercial opportunities and broaden
its market reach. Hyperspectral satellites for
marine environments are a significant technological
development for security actors. The global defense
geospatial market was valued at $126.4 bn as of
2022.
Another key expansion area is
the aquaculture carbon credit market, an essential
nature-based solution to combat climate change. Kuva
Space is developing AI-based models of above- and
underwater monitoring of aquaculture vegetation
through pilots in Europe and Africa to measure
carbon sequestration accurately from, among others,
kelp forests and farms. The blue carbon market holds
significant promise, with global demand for carbon
credits expected to reach up to $50 billion by 2030.
With three satellites already
in space, Kuva Space will launch two new satellites
in the coming year and launch its initial services.
The first one, Hyperfield-1, is scheduled to launch
in June 2024. This will mark the initial stage of
Kuva Space’s planned constellation, which aims to
deploy up to 100 satellites by 2030.
With local representation in
Finland, Japan, Belgium, the USA, and the UK, Kuva
Space has raised €22.5M in total funding from Morrow
Portfolio, Voima Ventures, Nordic Foodtech VC, Earth
VC, VTT Technical Research Centre of Finland, and
public funding from ESA Philab and Business Finland.
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