Sceye Secures Funds in Series C Round Led by Mawarid Holding Company

Rhea-AI Summary

Sceye, a leading U.S. aerospace company specializing in High-Altitude Platform Systems (HAPS), has successfully closed its Series C funding round, led by Mawarid Holding Company. The round values Sceye at a pre-money valuation of $525 million, providing sufficient liquidity for R&D activities, flight programs, and the launch of initial commercial operations in 2025.

This strategic alliance follows América Móvil's involvement in Sceye's Series B round. The funding will accelerate platform development and the commercial roadmap. Sceye recently demonstrated perpetual flight capabilities in its 2024 flight program, showcasing the potential of HAPS technology in expanding connectivity access, managing disaster response, and monitoring environmental changes.

Positive

• Successful closure of Series C funding round
• Pre-money valuation of $525 million
• Sufficient liquidity for R&D, flight programs, and commercial launch in 2025
• Strategic partnership with Mawarid Holding Company
• Demonstrated perpetual flight capabilities in 2024 flight program

Negative

• None.

Sceye Valued at $525 Million and Poised for 2025 Commercial Launch 

PARIS, Sept. 17, 2024 /PRNewswire/ -- At World Space Business Week (WSBW) today, Sceye, a leading U.S. aerospace company specializing in High-Altitude Platform Systems (HAPS), announced the successful closing of its Series C funding round. The round was led by Mawarid Holding Company ("Mawarid"), a prominent Saudi corporation with an established presence in information and communication technology, satellite, and digital solutions. 

Sceye strengthened its balance sheet by closing the Series C funding round, which values the Company at a pre-money valuation of $525 million. This provides sufficient liquidity to fund R&D activities, flight programs and launch the initial commercial operations in 2025.

This strategic alliance continues Sceye's successful partnership strategy, following América Móvil's involvement as the largest investor in their Series B round with a focus on Latin America.

"The Series C round is a critical milestone for Sceye. These funds will accelerate our platform development and commercial roadmap, paving the way for the commercialization of our HAPS technology in 2025. Our partnership with Mawarid opens new territories and market opportunities for our innovative solutions," said Mikkel Vestergaard Frandsen, CEO and Founder of Sceye. 

Ghassan Itani, Assistant Chairman of Mawarid, added, "This partnership reinforces Mawarid's commitment to pioneering technology advancements and delivering digital solutions that serve critical industry sectors. By incorporating HAPS technology, we enhance our position as a comprehensive provider of strategic industry solutions."

This Series C investment announcement follows the success of Sceye's 2024 flight program, where the company achieved a significant milestone by demonstrating perpetual flight capabilities while staying over an area of operation. The test flight proved that Sceye's HAPS can operate continuously, with solar energy powering the system during daylight hours and battery storage ensuring overnight flight.

This achievement signifies the advent of a new infrastructure layer between terrestrial and space systems. It highlights the transformative potential of HAPS technology in expanding connectivity access, managing disaster response, monitoring environmental changes, and detecting climate-related disasters in real time. 

About Sceye
Founded in 2014, Sceye is an aerospace company dedicated to advancing stratospheric technology to connect people and protect the planet. Sceye leads the High-Altitude Platform Systems (HAPS) industry, focusing on universal connectivity, climate monitoring, natural resource management, and disaster prevention. 

About Mawarid:
Established in 1968, Mawarid Holding Company (MHC) is a leading Saudi corporation with a diverse portfolio spanning, but not limited to,  ICT, satellite, and digital solutions. MHC has been a player in the global communications landscape, including its role as a founder and shareholder in Iridium Communications Inc. (Nasdaq: IRDM) since the early 1990s and its operations in various ICT and media sectors across the Middle East (e.g., Salam, TLS, ATSS, "Noorsat: Geo-operator").

Media Contact:
Jasmine Wallsmith
jw@sceye.com

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SOURCE Sceye

FAQ

What is Sceye's valuation after the Series C funding round?

Sceye's pre-money valuation after the Series C funding round is $525 million.

When does Sceye plan to launch its commercial operations?

Sceye plans to launch its initial commercial operations in 2025.

Who led Sceye's Series C funding round?

Sceye's Series C funding round was led by Mawarid Holding Company, a prominent Saudi

What technology does Sceye specialize in?

Sceye specializes in High-Altitude Platform Systems (HAPS) technology.

What significant milestone did Sceye achieve in its 2024 flight program?

In its 2024 flight program, Sceye demonstrated perpetual flight capabilities while staying over an area of operation.