A UK-based satellite imaging company has secured $40.8 million in new investment, with backing from NATO's innovation fund. The funding will help expand the company's thermal imaging capabilities from space.
A British satellite technology company announced Tuesday it has successfully secured $40.8 million in fresh investment, with support coming from NATO’s Innovation Fund among other major backers.
SatVu, which specializes in capturing detailed thermal images from space using satellite technology, revealed the 30 million pound funding round brings their total equity investment to 60 million pounds for company growth initiatives.
This financial boost arrives as Britain and European nations work to compete with American advances in satellite technology development.
Recent developments show the U.S. Senate Commerce Committee approved new legislation this month designed to accelerate satellite approval processes, while Eutelsat continues pushing forward Europe’s satellite technology progress.
The funding round included participation from NATO’s Innovation Fund, the British Business Bank, Space Frontiers Fund II, and Presto Tech Horizons.
Company CEO Anthony Baker explained their mission in a statement: “SatVu was founded to give governments access to intelligence they cannot access elsewhere.”
Baker further described their technology’s capabilities: “High-resolution thermal imagery from space reveals activity that is otherwise invisible – day and night – including heat signatures associated with operations inside and around buildings and critical infrastructure.”
NATO’s Innovation Fund operates as an independent venture capital organization supported by 24 member countries of the North Atlantic Treaty Organization.
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