Kuva Space, an earth observation company headquartered in Finland, revealed its successful funding round of €16.6M. Utilizing its microsatellites, the company has the capability to discern the molecular composition of virtually any material on Earth.
Existing investors Voima Ventures and Nordic Foodtech VC spearheaded the funding round, joined by Singapore-based Earth VC. Furthermore, Finnish private investors contributed through a growth funding initiative facilitated by Springvest, while non-equity funding was provided by Business Finland.
Kuva Space plans to leverage the funding to expedite the advancement of its patented hyperspectral camera and space technology, expand its team size twofold, and introduce its AI analytics platform.
This capital infusion will not only aid the Finnish company in broadening its footprint in strategic markets, beginning with the United States but also in scaling its operations and technological capabilities.
Jarkko Antila, CEO of Kuva Space, expresses enthusiasm over the rapid success of their growth funding campaign, stating, “Our investors’ swift response demonstrates their alignment with our mission to enhance life on Earth. We firmly believe that timely and high-quality spaceborne insights will empower communities, enabling informed decision-making and fostering a sustainable future.”
Antila adds, “This funding round positions us strongly to accelerate satellite launches, fortify our AI analytics platform with exclusive data, and drive our market expansion, particularly within the United States.”
To date, the company has amassed a total of €22.5M in funding from various sources, including Morrow Portfolio, Voima Ventures, Nordic Foodtech VC, Earth VC, VTT Technical Research Centre of Finland, as well as public funding from ESA Philab and Business Finland.
This announcement follows the company’s recognition as the NATO Arctic Challenge Innovation winner and its attainment of a €5M commercial contract from the European Commission, solidifying its position as the exclusive provider of hyperspectral data services for the Copernicus program.
Kuva Space Expands its Microsatellite Constellation Development
Kuva Space, founded in 2016 by Tuomas Tikka and Janne Kuhno, is pioneering the development of the world’s foremost expansive microsatellite constellation. These microsatellites are equipped with proprietary hyperspectral camera technology capable of discerning nearly any material on Earth based on its unique spectral signature.
This groundbreaking technology allows the company to conduct comprehensive monitoring of various elements such as crop types, plant health, biomass, carbon sequestration, biodiversity, soil conditions, seaweed growth, algae blooms, and marine chemical pollutants on a large scale.
Through their AI-driven analytics platform, Kuva Space efficiently processes the gathered data, translating it into actionable insights. This capability enables customers to monitor, identify, and predict changes and their consequences almost in real-time. Such an approach supports organizations in making economically sound and environmentally conscious decisions, particularly benefiting fields such as food security, defense, safety, and carbon sequestration integrity.
The Finnish company is actively developing AI-based models for the surveillance of aquaculture vegetation both above and below the water surface. They are currently running pilot programs in Europe and Africa, specifically focusing on accurately measuring carbon sequestration from kelp forests and farms.
Having already deployed three satellites into space, Kuva Space is gearing up to launch two new satellites within the next year to initiate its services. The first of these, Hyperfield-1, is set for launch in June 2024, signifying the initial phase of Kuva Space’s ambitious constellation plan, targeting the deployment of up to 100 satellites by 2030.
About the Investor
Established by Inka Mero in 2019, Voima Ventures stands as a pioneering Nordic early-stage investor specializing in funding science-based innovations and companies across the Nordics and Baltics.
In June, the venture capital firm announced the initial closing of its latest €90M fund, dedicated to supporting early-stage deep tech companies in the Nordic and Baltic regions.
Voima Ventures has already directed investments into various companies, including Solar Foods, Dispelix, MVision, Betolar, and EniferBio. Through its prior two funds, the company has incubated 30 active companies, some of which have grown into globally scaling enterprises, resulting in five successful exits and an IPO.
Inka Mero, the chairwoman of Kuva Space’s board and the founder and CEO of Voima Ventures, emphasized their support for Kuva Space, stating, “As an early investor, we have staunchly supported Kuva Space’s groundbreaking work, particularly in defense applications and advancements in tracking and measuring society’s environmental impact.” Voima Ventures is recognized for its strategic investments in innovative Nordic deep tech companies.