SAN FRANCISCO – Finnish hyperspectral satellite imagery startup Kuva Space raised 16.6 million euros ($17.6 million) in a Series A funding round.
“We firmly believe that quality and timely spaceborne insights will empower communities to make informed decisions and create a sustainable future,” Kuva Space CEO Jarkko Antila said in a statement. “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.”
Kuva Space, founded in 2016, has about 20 employees in Finland, Belgium, Japan, the United States and the United Kingdom. Two Kuva Space commercial hyperspectral microsatellites are scheduled for launch in 2024.
By 2030, Kuva Space plans to deploy as many as 100 satellites offering spatial resolution better than 10 meters per pixel. Kuva Space subscription plans will offer customers daily hyperspectral monitoring in 2026 and three daily views in 2030.
In a statement, Inka Mero, Kuva Space board chairwoman and founder of Voima Ventures, lauded Kuva Space’s “pioneering work both in defense applications, as well as improving upon how we track and measure society’s environmental impact.”
Kuva Space plans to establish a business development organization in the United States “to better understand the customer requirements and timelines,” a Kuva Space spokesperson said by email. “With its hybrid approach, startups such as Kuva Space can collaborate more flexibly and bring their cutting-edge innovations to complement” existing U.S. capabilities.
Having a U.S. presence also opens the doors for new funding opportunities, the spokeperson added.
The Series A round was led by existing Kuva Space investors Voima Ventures and Nordic Foodtech VC and Singapore-based Earth VC. Participants included private Finnish investors and Business Finland, which provided funding without claiming equity.
Earlier this year, Kuva Space won a 5 million euro contract from the European Commission to provide hyperspectral data as a Copernicus Contributing Mission. Kuva Space also claimed first place in the first Nato Innovation Challenge.