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Finnish startup Kuva Space nets €16.6M to launch two microsatellites in 2024

Kuva Space team
Picture credits: Kuva Space

Finnish satellite imagery startup Kuva Space has netted €16.6 million in Series A funding. The round was led by existing investors Voima Ventures known for investing in MVision AI and eniferBio and Nordic Foodtech VC, with Singapore-based Earth VC also participating. The round also includes Finnish private investors through a growth funding initiative with Springvest and non-equity funding from Business Finland.

With this round, the total funding raised by the company accounts for €22.5 million. Kuva Space will use the capital to accelerate the development of its patented hyperspectral camera and space technology, double its team size, and launch its AI analytics platform. The company also plans to expand its presence in key markets, starting with the United States. 

The Finnish startup is also set to establish a business development organisation in the United States, allowing them to better understand customer requirements and timelines. This move will not only enable them to collaborate more flexibly with existing US capabilities but also create new funding opportunities.

Ambitious launch plans 

The company plans to launch two commercial hyperspectral microsatellites in 2024, with the long-term goal of deploying up to 100 satellites by 2030. This extensive satellite network will offer customers unprecedented spatial resolution of better than 10 metres per pixel. In addition, subscription plans will provide daily hyperspectral monitoring starting in 2026 and increase to three daily views by 2030.

The funding comes close on the heels of the company being announced the NATO Arctic Challenge Innovation winner. Also, it received a €5 million commercial contract from the European Commission to be the sole provider of hyperspectral data services for the Copernicus program.

World’s first microsatellite constellation

Founded by Janne Kuhno and Tuomas Tikka in 2016, Kuva Space is building the world’s first extensive microsatellite constellation with patented hyperspectral camera technology. It collects gapless data aimed at solving the world’s most pressing issues, such as climate change, food security and safety. 

Combined with its AI-driven analytics platform, Kuva Space delivers reliable, timely, global insights and foresights that transform rich spaceborne data into actionable insights users can use for efficient resource management, optimised operations, and improved profitability sustainably. 

“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,” noted Jarkko Antila, CEO of Kuva Space. “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.” 

“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,” affirmed Inka Mero, chairwoman of Kuva Space board, founder and CEO of Voima Ventures, 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.”

Nordic Foodtech VC, a forward-looking investor focused on shaping the future of food technology, echoes this sentiment. “The exceptional technology of Kuva Space enables a step change in resource-efficient farming and monitoring and mitigating the environmental impacts of global food production,” said Jari Tuovinen, partner at Nordic Foodtech VC.

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