Kuva Space, Finnish Earth observation firm, announces €16.6M in a Series A round
Kuva Space has announced the raising of €16.6 million funding round to launch its microsatellite constellation. The investment was backed by Voima Ventures, Nordic Foodtech VC, Earth VC, Springvest, and Business Finland.
About Kuva Space:
- Founded in 2016 in Espoo, Kuva Space builds a microsatellite constellation equipped with a hyperspectral camera that can distinguish nearly any material on Earth and its condition through its distinct spectral signature. The company can monitor crop types, plant health and biomass, biodiversity, soil conditions, seaweed growth, algae blooms, and marine chemical pollutants to solve such pressing issues as climate change, food security, safety, and security.
- Kuva Space has already launched three satellites in space, and plans to launch two new satellites in the coming year. The first one, Hyperfield-1, is scheduled to launch in June 2024.
- The firm was the NATO Arctic Challenge Innovation winner and secured a €5 million commercial contract from the European Commission to be the sole provider of hyperspectral data services for the Copernicus program, will bill its solution as a subscription model. In addition, Kuva Space has local representation in Finland, Japan, Belgium, the USA, and the UK.
- The funding round was co-led by:
- Voima Ventures, Helsinki and Stockholm-based early-stage investor. A month ago, it launched Velocity, a new challenge for pre-seed and seed-stage science-based startups in the Nordic and Baltic regions.
- Nordic Foodtech VC, that invests in deep foodtech across Nordics and Baltics.
- Singapore-based climate impact fund Earth VC also participated.
- Finnish private investors through a Finland-based growth funding initiative with Springvest and non-equity funding from Business Finland.
“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.
The company will use the capital to accelerate the development of its 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.