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A British start-up which uses thermal imaging to detect heat loss from buildings anywhere on Earth will announce this week a £30m capital injection which includes NATO’s Innovation Fund.

I understand that SatVu, which monitors the performance of key infrastructure from Space, has landed the funding from a syndicate of investors which also include the British Business Bank, Space Frontiers Fund II - with SPARX Asset Management acting as the manager of its investment - and Presto Tech Horizons.

The new money will double the total amount of equity invested in SatVu since its launch to £60m, and comes as the company prepares to expand its constellation of satellites later this year.

Based in London, SatVu has won significant backing from the British government through a number of defence innovation programmes.

Luke Pollard, a defence minister, said the company’s latest fundraising formed part of government efforts to build UK sovereign capabilities through UK Defence Innovation, an agency overseen by the Ministry of Defence.

"We are committed to strengthening national security by scaling British SMEs and start-ups which help keep UK"s defence industry at the cutting edge of innovation," Mr Pollard said.

"Last year we backed SatVu with a defence innovation loan, which has already helped spark £30 million further private investment through this funding round."

Other existing investors, including Molten Ventures, Adara Ventures, Ridgeline Ventures, NOA, Lockheed Martin, Seraphim Space Fund and Stellar Ventures, also participated in the round.

Anthony Baker, SatVu's co-founder and chief executive, said: "SatVu was founded to give governments access to intelligence they cannot access elsewhere.

"High-resolution thermal imagery from space reveals activity that is otherwise invisible - day and night - including heat signatures associated with operations inside and around buildings and critical infrastructure.

"This allows governments to assess activity, readiness, and operational change - a critical new data layer that matters for defence, security, and sovereign decision-making."

He claimed the £30m equity boost "enables us to scale a UK-built, sovereign thermal capability into a multi-satellite constellation supporting government customers in the UK and across Allied nations worldwide".

SatVu plans two launches in 2026, with a further three satellites now under contract.

Trisha Saxena, a senior associate at the NATO Innovation Fund said: "SatVu's thermal intelligence technology can provide governments and businesses across NATO nations with a level of detailed data that was simply not available before.

"We are pleased to support SatVu as it revolutionises the earth observation market, delivering critical insights to the security, finance and commodities sectors to help safeguard defence and economic activity across the [NATO] Alliance."

London-listed Rosebank Industries has confirmed my story from earlier this morning about its talks to acquire two US-based industrial groups for about $3bn (£2.2bn).

In a stock exchange announcement, Rosebank said: "Further to the recent press speculation, Rosebank Industries plc ("Rosebank" or the "Company") confirms that it is in advanced discussions regarding the potential acquisition of two private equity-owned US-based businesses (the "Potential Transaction") for a headline enterprise value of approximately $3.05 billion.

"Rosebank notes that the Potential Transaction is in line with the Company's acquisition criteria and, if it proceeds, would be funded through a combination of a fully underwritten equity issue of approximately £1.9 billion (the"Fundraise") and new debt facilities."

While Rosebank didn't name the two targets, I understand they are CPM, a supplier of processing equipment for sectors such as food and renewable energy; and MW Industries, which makes engineered precision components for industrial users.

Rosebank's shares have now been suspended from trading, pending the completion of the proposed fundraising.

The corporate veterans who turned Melrose Industries into one of Britain's most prominent public companies are setting their sights on a brace of US-based targets which could cost as much as $3bn (£2.2bn).

Paste BN has learnt that Rosebank Industries is in talks to buy two of private equity firm American Securities' portfolio companies: CPM, a supplier of processing equipment for sectors such as food and renewable energy; and MW Industries, which makes engineered precision components for industrial users.

City sources said on Monday that Rosebank, which went public on AIM in July 2024, was in detailed talks to acquire both companies for an aggregate price of about $3bn.

One insider cautioned that either or both transactions could yet fall apart.

If the deals are agreed, however, they would trigger an equity-raise by Rosebank of about £2bn to fund the acquisitions and pay down some of the companies' existing debts.

The ambitious double-swoop by Rosebank comes almost exactly a year after the company confirmed that it was in talks to acquire Electrical Components International from Cerberus Capital Management for more than £1.5bn.

After a brief hiatus triggered by volatile market conditions, Rosebank eventually struck a definitive deal to buy ECI last summer.

It was the first strand of a new chapter in the prolific dealmaking careers of Rosebank's founders.

Simon Peckham, the former Melrose chief who is now CEO of Rosebank, launched the new vehicle in 2024 after months of deliberations about whether to structure it as a private or listed company.

His former Melrose colleagues, Justin Dowley and Christopher Miller also sit on Rosebank's board. Collectively, they are regarded as one of the leading teams of industrial executives in Europe.

Last month, Rosebank added Liam Butterworth, a former colleague, as the group's chief operating officer.

Their "buy, improve, sell" mantra saw them acquire a string of industrial assets at Melrose, the most notable of which was GKN, the historic British engineering group.

That was then broken up, and Dowlais, its former automotive arm, was taken over by an American rival.

Among the other industrial names that Melrose acquired were Nortek, Dynacast, and Elster.

It was the £8bn takeover of GKN in 2018 which thrust Mr Peckham and his colleagues into the public spotlight, however, as the target company fought a bitter, and ultimately unsuccessful, battle for its independence.

Rosebank is employing the same approach to executive remuneration as the one that saw Melrose's top team receive windfalls worth hundreds of millions of pounds over two decades.

Shares in Rosebank have more than halved over the last year, however, leaving it with a market capitalisation of £1.37bn.

On Monday morning, they were trading at around 338p.

A Rosebank spokesman declined to comment.

I'm Mark Kleinman, the City editor of Paste BN - welcome to my blog.

This is where you'll find all my stories, from takeover battles to retail shake-ups, as well as analysis and insight into what's happening in boardrooms both in the UK and beyond.

Whether you're an investor, an industry insider or simply someone who wants to understand how business shapes the world around you, I'll aim to give you a front‑row seat on the most significant developments across the corporate landscape.