Kuva Space, based in Espoo, secures €16.6 million in its series A round of funding. Leading the investment were longtime backers Voima Ventures and Nordic Foodtech VC, with involvement from Earth VC, based in Singapore.
Through a growth finance programme centred in Finland with Springvest and non-equity funding from Business Finland, there were further participations from private investors in Finland.
The money will be used by the business to boost its staff size, introduce its AI analytics platform, and accelerate the development of its patented hyperspectral camera and space technologies. Additionally, Kuva Space intends to increase its footprint in important areas, starting in the US.
Kuva Space’s AI-powered analytics platform allows it to swiftly transform the gathered data into actionable insights, giving clients the ability to track, identify, and predict changes and their effects almost instantly.
Jarkko Antila, CEO of Kuva Space said,“Our growth funding campaign was oversubscribed in less than three days. 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, 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.”
Inka Mero, chairwoman of Kuva Space board, founder and CEO of Voima Ventures said, “As an early investor, we have been big believers of Kuva Space’s pioneering work both in defense applications, as well as improving upon how we track and measure society’s environmental impact,” known for its strategic investments in groundbreaking Nordic deep tech companies. With Finland’s emergence as a European leader in space technology, we’re extremely excited about what the future holds for Kuva Space.”
Together with the business’s award as the NATO Arctic Challenge Innovation winner and its €5 million commercial agreement from the European Commission to be the only supplier of hyperspectral data services for the Copernicus programme, the investment rounds out two significant company objectives this year.
About Kuva Space
Kuva Space is a commercial microsatellite that was established in 2016. Its revolutionary hyperspectral camera allows it to detect almost every material on Earth and its condition based on its distinctive spectral signature.
This implies that the business is able to monitor a wide range of variables, including crop varieties, biomass and health of plants, biodiversity, soil conditions, growth of seaweed, algal blooms, and marine chemical contaminants.