Molten Ventures leads £12.7m Series A2 round for Satellite Vu
Summary
We are today proud to announce that Molten has led a \xa312.7m Series A2 round for portfolio company Satellite Vu, bringing the UK climate-tech companys total venture funding to \xa330.5m.The closure of this extended funding rounding, led by Molten Ventures, will serve to accelerate the companys mission to provide sustainable solutions to global issues.Satellite Vus space-enabled climate technology provides a valuable and incomparable insight into economic activity, energy efficiency and carbon footprint for a range of industries including: Built Environment; Defence and Intelligence and Industrial Activity Monitoring. This data will enable industries, organisations and governments to take critical action towards Net Zero goals.The companys upcoming satellite launch via SpaceX is highly anticipated, and this funding will enable Satellite Vu to enter commercial operation, converting its Early Access Option Programme (EAP) customer commitments to revenue bookings from Q4 2023.Unique in the current market for wider VC backed businesses, this level of investment coupled with it being an up round for Satellite Vu shows the continued growth and appetite for space and climate technology funding, as well as the confidence investors have in the companys cutting-edge thermal satellite technology and their ready-to-buy revenue stream, which gives them an edge in the climate mission market.Camilla Taylor, CFO, Satellite Vu, commented: "This funding round puts us in a strong position to hit our commercialisation goals over the next 12 months and build the foundations to enable rapid scale-up post-Series B. We are proud to have such meaningful support from our existing investors - it shows that we are on the right track to both to building an economically sustainable business and tackling the climate crisis. "George Chalmers, Head of Climate Tech at Molten Ventures said: "Were leading SatelliteVus funding round as it prepares for its June launch. Their $160m in early commitments is a stellar model of pre-launch sales for deep-tech companies, which other climate-tech firms could emulate."