A Silicon Valley-based business called Muon Space revealed on August 5 that it has raised $56.7 million in Series B funding for the purpose of developing tiny satellites for Earth monitoring and other uses.

Lead investors in the funding round were Activate Capital, Acme Capital, and returning backers Costanoa Ventures, Radical Ventures, and Congruent Ventures.

As stated by the business, it intends to grow operations and quicken the development of its low-Earth orbit satellite platform, Halo.

According to Muon Space, commitments from customers totaling more than $100 million have been made for its smallsats by 2024.

Muon Space announced a new partnership with aerospace and defense contractor Sierra Nevada Corporation (SNC) to build three satellites for SNC’s Vindlér commercial radio-frequency remote sensing system, coinciding with the financing announcement. In 2025, the first Vindler satellites are expected to be launched.

The Series B fundraising round, according to Gregory Smirin, president of Muon Space, “underscores investors’ confidence in Muon Space’s technology and market potential.” Muon Space intends to use the proceeds from this capital round to grow its business, broaden its range of products, and keep pushing the boundaries of space-based analytics and sensing.

Based on targeted radio frequency emissions, the satellites for SNC’s Vindlér system will be utilized to detect and geo-locate particular objects from low-Earth orbit. In order to launch the first four satellites of the Vindler constellation, SNC collaborated with Spire Global.

In May, Muon Space and the organization Earth Fire Alliance announced their partnership to develop a constellation aimed at monitoring and preventing wildfires.