# GHGSat funding: rounds and investors

> GHGSat has raised $34M across 1 round since 2025. Investors include BDC Capital, Export Development Canada and National Bank of Canada.

Source: https://millionrounds.com/company/ghgsat (Millionrounds; every figure on the page links to its filing or article)

Canada · [Funded startup](https://millionrounds.com/companies)

# Who invested in *GHGSat*

One round we have observed, with the 3 investors named in it. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Aerospace & Space

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Funding summary Updated 27 Oct 2026

**$34M** raised across 1 round since 2025, from 1 source

- **Latest round:** Round, $34M Sept 2025
- **Investors:** 3

See who backed them

## The rounds

- **Sept 2025** Round **$34M** [BDC Capital](https://millionrounds.com/fund/bdc-venture-capital) [Export Development Canada](https://millionrounds.com/fund/export-development-canada) [National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada) Source recorded

## Founders and team

From GHGSat's own website: 1 founder, 4 on the team.

**Stéphane Germain** Founder, President & CEO

- **Maria Balafoutis** Vice President, Legal
- **Paul Noseworthy** Senior Vice President, Technology
- **Pierre-Luc Lemire** Vice President, Finance
- **Ryan Mattson** Vice President, Global Sales

## Everyone who backed them

[BDC Capital](https://millionrounds.com/fund/bdc-venture-capital) VC firm **1** round

[Export Development Canada](https://millionrounds.com/fund/export-development-canada) Government **1** round

[National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada) Private equity **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=ghgsat).

## Also claim to have backed them

These 2 firms list GHGSat as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above.

[Japan Energy Fund](https://millionrounds.com/fund/japan-energy-fund) VC firm Per its own site

[Morgan Brook Capital](https://millionrounds.com/fund/morgan-brook-capital) Private equity Per its own site

## Quick answers about GHGSat

### Who invested in GHGSat?

GHGSat's investors include BDC Capital, Export Development Canada and National Bank of Canada.

### How much has GHGSat raised?

GHGSat has raised $34M across 1 round since 2025.

### When did GHGSat last raise?

GHGSat's most recent round was an Undisclosed round of $34M in Sept 2025.

### What was GHGSat's biggest round?

Its most recent round, $34M in Sept 2025, is also its largest on record.

### Who backed GHGSat first?

GHGSat's first round on record, in Sept 2025, was backed by BDC Capital, Export Development Canada and National Bank of Canada.

### What stage is GHGSat at?

GHGSat's latest named round is an Undisclosed round, in Sept 2025.

### Where is GHGSat based?

GHGSat is based in Canada.

## Companies like GHGSat

In the same sector, and raised in the last eighteen months.

[**North Vector Dynamics** $20M · Oct 2026](https://millionrounds.com/company/north-vector-dynamics)[**Canadian Strategic Missions Corporation** $717K · Jun 2026](https://millionrounds.com/company/canadian-strategic-missions-corporation)[**NordSpace** $11M · May 2026](https://millionrounds.com/company/nordspace)[**Horizon Aircraft** $25M · May 2026](https://millionrounds.com/company/horizon-aircraft)[**Reaction Dynamics** $6.1M · Mar 2026](https://millionrounds.com/company/reaction-dynamics)[**Canada Rocket Company** $11M · Mar 2026](https://millionrounds.com/company/canada-rocket-company)

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