Satim, a Krakow-based AI technology company specializing in object detection and classification using Synthetic Aperture Radar (SAR) satellite imagery, has secured an internal funding round led by Balnord. The deal highlights Satim’s rapid progress and solidifies its place on the dual-use market, Balnord shared with AIN.

About Satim

  • Founded in 2012 by Jacek Strzelczyk and Stanisława Porzycka-Strzelczyk, Satim provides insights based on satellite radar data acquired regardless of weather and day/nighttime. Using developed software and algorithms, the startup can solve the problem of optimal information extraction from complex SAR (synthetic aperture radar) imagery.

“Our mission is to harness the potential of AI and SAR imagery to create a safer, more sustainable world. This funding round will play a pivotal role in advancing our SAR-based object detection and classification solutions, ensuring they remain at the forefront of the market,” Jacek Strzelczyk, CEO of SATIM, says.

  • The Satim team includes data scientists, remote sensing experts, AI and SAR specialists, and ex-military personnel with a wealth of knowledge and experience. The company’s unique AI-based software transforms complex satellite data into actionable insights by automatically providing information on objects detected and classified with a 90% accuracy rate.

  • In August 2023, Satim already secured substantial financing. The €1.8 million investment round was led by Cultivation Capital, and joined by many other prominent investors.

Investment details

The internal funding round was led by one of the current Satim’s investors: Balnord. It is a high conviction first check investor backing deeptech and data-driven software founders in Poland & Baltics. 

Balnord, so far, allocated a total of €1,4 million in the company and has a follow-on reserve to invest up to €7 million in a single portfolio company. Having long-term investors who can provide internal rounds is advantageous for tech companies like Satim, as it expedites funding processes and allows the company to focus more on technology and business development.

“Satim was the first investment from our new fund, and we are thrilled to continue supporting their remarkable progress. We believe in backing fewer companies to invest more in each. This allows us to provide more capital, time, and resources, ensuring our partners achieve their highest potential. Satim exemplifies the technology and dual-use impact we aim to support,” Wojciech Drewczynski, Investor at Balnord, comments.

With this new funding, the company is poised to advance its AI-augmented SAR solutions and secure its position as a global leader in the field. The company plans to expand its tech team with AI specialists and SAR analysts, intensifying its international development and reinforcing its position in key geopolitical regions and NATO countries.