Kuva Space, a pioneering hyperspectral imagery startup based in Finland, has successfully concluded a Series A funding round, raising a substantial €16.6 million ($17.6 million) to accelerate its ambitions in the field of hyperspectral imaging. The company, previously known as Reaktor Space Lab, started off in 2016 as a builder of nanosatellites for clients such as the European Space Agency. After several successful satellite launches, including a demonstration of a small hyperspectral camera on a cubesat, Kuva Space decided to shift its focus to developing a hyperspectral constellation. To kickstart this new endeavor, the company secured a seed round of €4.2 million ($4.85 million) in October 2021.
Key Takeaway
Kuva Space, a Finnish hyperspectral imagery startup, has secured €16.6 million (
7.6 million) in Series A funding to accelerate its deployment of a hyperspectral constellation. The company aims to provide the highest resolution ground pixel size in the market by using innovative software and selective band measurements. Through a subscription-based SaaS model, Kuva plans to offer valuable insights and achieve a revisit rate of more than once per week. With plans to expand globally and establish a U.S. entity, Kuva intends to collaborate with leading organizations in the field of hyperspectral imaging.
Capitalizing on the Power of Hyperspectral Imagery
Hyperspectral imagery is a cutting-edge technology that can analyze the “spectral signature” of materials on Earth. This allows it to identify and classify various elements, including crops, minerals, and gases. The applications of this technology span a wide range of industries, including agriculture, oil and gas, and defense. With its unique approach, Kuva aims to provide the highest resolution ground pixel size in the market. By layering together images from different bands using software, the company can create a more detailed and accurate picture. Additionally, Kuva has the flexibility to select which bands its satellites measure, further enhancing the quality of its data and enabling it to cater to specific customer requirements.
Revolutionizing Earth Observation with a SaaS Model
Kuva’s vision extends beyond simply providing data. The company plans to offer insights to its customers through a subscription-based model. This means that data will be readily available, eliminating the need for customers to request specific satellite tasks in advance. Kuva aims to launch two commercial microsatellites next year, paving the way for a constellation of six satellites within the next two years. The goal is to achieve a revisit rate of more than once per week. By 2026, Kuva plans to scale further, aiming for a daily revisit rate for many parts of the world. Ultimately, the company plans to have 100 satellites in orbit by 2030, revolutionizing the Earth observation business with a true Software-as-a-Service (SaaS) model.
Expanding Opportunities and Collaborations
In addition to its technological advancements, Kuva is actively seeking to expand its presence globally. The company is establishing a U.S. entity, which will enable it to collaborate with organizations such as the U.S. Department of Defense and the U.S. National Reconnaissance Office, both of which have shown interest in hyperspectral data. To facilitate its expansion, Kuva has attracted a range of investors, including Voima Ventures and Nordic Foodtech VC, as well as Singapore fund Earth VC. The funding round also included support from Finnish private investors through the Springvest growth fund and non-equity funding from Business Finland.
