German thermal satellite data startup, Constellr, has successfully raised €17 million ($18.93) in seed funding for accelerating the deployment of its thermal imagery satellites and meet the growing demand for their services worldwide.
The funding round was led by Karista, with Einstein Industries Ventures, FTTF, Lakestar, Vsquared, Amathaon Capital, Natural Ventures, OHB Ventures, and EIT Food.
The company’s operational constellation is set to include two satellites, scheduled to be launched in 2024. With just four satellites in place, Constellr will be able to deliver daily imagery to any location on the globe, depending on market demand.
One significant achievement for Constellr was being awarded a 5 million euro contract by the European Commission and the European Space Agency to supply thermal data for the Copernicus Earth-observation program. This funding, in addition to the recent seed investment, brings Constellr’s total funding to around $28 million.
Max Gulde, CEO and co-founder of Constellr expressed excitement about the company’s approach and potential impact on the agricultural sector. He believes that Constellr’s precise thermal imaging data will facilitate a paradigm shift in how the global agricultural industry adapts to climate change. Having received the backing of investors such as Karista and Einstein, along with their existing investor base, serves as a validation of their innovative solution.
Michael Thomas, the Karista investment director, sees investing in Constellr as an opportunity to be at the forefront of the revolution in space technology. He believes that this revolution will significantly transform terrestrial industries, including agriculture and climate-related concerns. With the additional funding and the expertise of Constellr’s management team, Thomas expects the company to solidify its leading position in Europe and expand its commercial footprint globally.
