Espoo, Finland-based Kuva Space, an earth observation company, announced on Thursday that it has secured €16.6M in funding. The company can distinguish the molecular composition of nearly any material on Earth with its microsatellites.
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.
Fund utilisation
Kuva Space says it will use the funds to accelerate the development of its patented hyperspectral camera and space technology, double its team size, and launch its AI analytics platform.
The capital infusion will also help the Finnish company to expand its presence in key markets, starting with the United States.
“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,” adds Antila.
To date, the company 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.
The announcement comes after the company was 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.
Kuva Space: Developing extensive microsatellite constellation
Kuva Space was established in 2016 by Tuomas Tikka and Janne Kuhno.
The company is developing the world’s first extensive microsatellite constellation that is equipped with patented hyperspectral camera technology.
The technology can distinguish nearly any material on Earth and its condition through its distinct spectral signature.
It means the company can monitor things like crop types, plant health and biomass, carbon sequestration, biodiversity, soil conditions, seaweed growth, algae blooms, and marine chemical pollutants at scale.
Utilising its AI-driven analytics platform, Kuva Space automatically transforms the collected data into actionable insights, allowing customers to monitor, identify, and forecast changes and their impact in near real-time.
This approach helps organisations make financially smarter and environmentally responsible decisions to improve food security, defence, safety, and carbon sequestration credibility.
The Finnish company is developing AI-based models for monitoring aquaculture vegetation above and underwater. They are conducting pilots in Europe and Africa to accurately measure carbon sequestration from kelp forests and farms.
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. It will mark the initial stage of Kuva Space’s planned constellation, which aims to deploy up to 100 satellites by 2030.
The investor
Founded by Inka Mero in 2019, Voima Ventures is a Nordic early-stage investor investing in science-based innovations and companies across the Nordics and Baltics.
In June, the VC announced the first close of its new €90M fund to support Nordic and Baltic early-stage deep tech companies.
The company has already invested in several companies, including Solar Foods, Dispelix, MVision, Betolar, and EniferBio. Their previous two funds resulted in 30 active companies, with some growing into globally scaling companies, including five exits and one IPO.
“As an early investor, we have been big believers of Kuva Space’s pioneering work both in defence applications, as well as improving upon how we track and measure society’s environmental impact,” says Inka Mero, chairwoman of Kuva Space board, founder and CEO of Voima Ventures, known for its strategic investments in groundbreaking Nordic deep tech companies.
Read the orginal article: https://siliconcanals.com/news/startups/finland-kuva-space-secures-16-6m/
