Finnish firm Kuva Space has raised €16.6 million ($17.6 mln) towards its goal of observing the condition of “any material” on the planet through launching 100 satellites by 2030.

The private observation company aims to enable companies to monitor their impacts on nature in almost real time through AI-driven “hyperspectral” insights capable of analysing a wide spectrum of light.

The funding round was led by existing investors Voima Ventures and Nordic Foodtech Venture Capital, bringing the total funding for the company to €22.5 mln.

Recent investors also included government agency Business Finland, Finnish private investors, and Singapore-based company Earth Venture Capital.

Although Kuva Space has targeted deploying 100 satellites by 2030, only three are in orbit so far. It aims to launch two more over the next year.

Relatively small satellites will take pictures to discern the “distinct spectral signature” of reflected energy of matter on Earth.

STARTING WITH AIRCRAFT

When its platform goes live, Kuva Space should be able to monitor crop types, plant health, soil conditions, seaweed growth, algae blooms, and marine chemical pollutants at scale, it said.

But Jarkko Antila, CEO at the company, said: “There is a lot of development work that needs to take place before we can fully launch and scale our commercial services.”

“Starting in January 2024, we kick off with a number of airborne campaigns with end customers,” Antila told Carbon Pulse. Airborne remote sensing, collected from hyperspectral cameras mounted on aircraft, will initially be used.

The first commissions for Kuva Space include identifying tree species in a forest in Brazil and estimating the volume of crops on an Austrian farm.

“As soon as we have our first satellites in orbit, we will replace the [aircraft] data source with our spaceborne data sets. It’s then, at the latest, you’ll see the magic of our AI-powered processing chain,” Antila said.

The company aims to make customers “financially smarter” through enabling them to monitor, identify, and forecast changes in their impacts on nature via its platform, it said.

“Kuva Space will provide a near real-time monitoring tool as a subscription service. The business model … will change how customers, especially non-space firms, use spaceborne data to execute ESG strategies, launch new products, and boost productivity.”

What makes the offering different from that of existing technology is its ability to tailor information to customers’ requests, it said.

Antila said: “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 US.”

In June, the EU Commission awarded Kuva Space a €5 mln commercial contract to be the sole provider of hyperspectral data to its Earth observation programme Copernicus.

“The exceptional technology of Kuva Space enables a step change in resource-efficient farming, and in monitoring and mitigating the environmental impacts of global food production,” said Jari Tuovinen, partner at Nordic Foodtech.

AQUACULTURE CARBON CREDITS

Kuva Space is also piloting monitoring the carbon sequestration of kelp farms in Namibia and Ireland, both above and below water, which could contribute to the development of blue carbon crediting initiatives currently in their infancy.

“Blue carbon measurement is virtually non-existent today,” Antila said. “Aquaculture is one of the least studied agricultural practices using remote sensing technology.”

“Because hyperspectral sensors enable us to identify, monitor and classify biomass, yield conditions, and growth stage, we can deliver hyperspectral measurements of blue carbon sequestration, and do so on a continuous basis to have accurate and up-to-date information.”

With hyperspectral imaging, the accuracy of biomass measurements is “greatly improved” as it can identify the plant’s health and growth stage, he said.

“By understanding how biomass stores carbon, how it contributes to carbon sequestration through photosynthesis, and how it can be sustainably managed, we can evaluate carbon credit more accurately.”

The company’s marine work also may have implications for the defence sector. Hyperspectral satellites for marine environments are a “significant technological development” for security, it said.

By Thomas Cox – t.cox@carbon-pulse.com

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