Seraphim Space leads HawkEye 360 $145m Series D with $25m investment

Written by: Christiana Okolie

Seraphim Space Investment Trust plc (LSE: SSIT), the world’s first listed fund focused on SpaceTech, announces that it has made a new $25 million investment into HawkEye 360 Inc. (“HawkEye 360”) the world’s leading commercial provider of space-based radio frequency (RF) data and analytics.

This takes Seraphim Space’s portfolio of assets to a total of 20 SpaceTech companies. Since its IPO in July, Seraphim Space has made 7 investments. The investment in HawkEye 360 represents the first new company to be added to the portfolio since IPO and is the first investment into a company that participated in the Amazon Web Services Space Accelerator which is delivered by Seraphim Space Camp.

HawkEye 360 today announced it has closed $145 million in new funding, priming the company to achieve transformational growth in its data and analytical services product line. The round was led by Seraphim Space and New York-based global private equity and venture capital firm Insight Partners. Additional funding comes from new investors Jacobs and Gula Tech Adventures, as well as existing investors Advance, Razor’s Edge, NightDragon, Silicon Valley Bank, Airbus, Shield Capital, and other company insiders. This brings the total amount of capital raised by HawkEye 360 to date to $302 million.

HawkEye 360 is delivering a revolutionary source of global knowledge based on radio frequency (RF) geospatial intelligence to those working to make the world a safer place. The company operates the first-of-its-kind commercial satellite constellation to detect, characterise, and geolocate a broad range of RF signals, revealing hidden and previously uncharted activities across land, sea and air. Hawkeye 360’s advanced analytical products help first responders save lives, law enforcement halt hidden illegal activities, and telecoms operators utilise spectrum. Its capabilities include mapping signals of interest, creating surveys of global spectrum usage, and providing deeper visibility of maritime activities. HawkEye 360 is headquartered in Herndon, Virginia, USA.

Mark Boggett, CEO of Seraphim Space (Manager) LLP, the Company’s investment manager, commented:

“Our strategy is to invest into the emerging category leaders within the Space sector that are building a new digital platform in the sky. We can say with conviction that HawkEye 360 is the undisputed global leader in Radio Frequency Analysis, a market we believe will grow to $billions over the next few years. We have carefully built our relationship with HawkEye 360 since 2017, culminating with them participating in the Amazon Web Services Space Accelerator managed by Seraphim Space Camp. Our subsequent $25m investment in the D series, as co-lead alongside Insight Partners, reflects the potential we believe this breakthrough technology will have across the environmental and security sectors. We are convinced that HawkEye 360 has both the technology advantage, together with the commercial and governmental relationships, to transform, reshape and develop the industry on a global scale at speed.”

Will Whitehorn, Chair of Seraphim Space, commented:

“Seraphim Space’s investment in HawkEye 360 is the first the Trust has made outside of its existing portfolio since its IPO in July 2021. In order to police the illegal activities of the vast ocean, the world needs — but does not yet have — timely, consistent, and actionable intelligence on illicit vessel behaviours across the globe. Organisations and governments are increasingly expanding their digital ecosystems and seeking to leverage new information and analysis services to gain an edge in intelligence. HawkEye 360 provides a unique source of information to augment national security operations, maritime domain awareness, environmental protection, and many additional applications. It is a compelling addition to our portfolio.”

Following investment in HawkEye 360, Seraphim Space has exposure to 18 SpaceTech companies and has completed binding agreements to acquire investments in two further companies by 31 December 2021.

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