Kuva Space, an Espoo, Finland-based earth observation company, raised €16.6M in funding.
The round was led by Voima Ventures and Nordic Foodtech VC, with participation from Earth VC.
The company intends to use the funds to accelerate the development of its patented hyperspectral camera and space technology, double its team size, launch its AI analytics platform, and expand its presence in key markets, starting with the United States.
Led by CEO Jarkko Antila, Kuvva Space is building an extensive microsatellite constellation with patented hyperspectral camera technology to collect gapless data aimed at solving pressing issues, such as climate change, food security, safety, and security. Combined with its AI-driven analytics platform, it delivers global insights and foresights that transform rich spaceborne data into actionable insights users can use for efficient resource management, optimizing operations and improving profitability sustainably.
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. This approach helps organizations make financially smarter and environmentally responsible decisions to improve food security, defense, safety, and carbon sequestration credibility.
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.
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 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.
FinSMEs
02/11/2023