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HawkEye 360 raises $55 Million to support building more satellites

One of the limitations that space companies often experience includes inadequate funds to boost their exciting ideas. It explains why some startups stagnant for years before raising enough money to support their projects. However, HawkEye 360 recently announced good news stating that it has raised $55 million for its satellites’ project. This money will play a key role in pushing this project closer to a breakthrough for a great future. The company explained that the additional funds would help it finalize the satellite constellation, whose primary role is to track vehicles and ships using radio-frequency emissions.

On April 12th, HawkEye 360 announced that during their Series C funding raise, one of their most prominent supporters is the NightDragon. It is a capital firm that ventures in the security sector and the well-related sectors. Other than this firm, several old investors also took part in the Series C round, such as Adage Capital, Shield Capital, Esri International, Razor Edge Ventures, and Dorilton Ventures. This move by the existing investors demonstrates their trust in this project’s potential for a brighter future.

HawkEye 360 explained that the new funding would come in handy when adding three more satellite clusters, with each having three satellites. Currently, the space company has launched two sets, but it is hoping to have at least nine clusters of satellites revolving around the orbit by 2022. Also, this money will help in building ground infrastructure and data interpreting technologies.

NightDragon is a famous capital firm, especially in the security sector, and it previously invested in some cybersecurity firms. The company commented on the move explaining that they view HawkEye 360 as the best option in offering services, especially in the security sector. NightDragon’s founder and CEO, Dave Dewalt, said that Satellite Technology is the next big thing in the digital world. He explained the project’s role since it can fill the security gap allowing governments, organizations, and companies to better their digital environments. Besides, this project combines space and cybersecurity using the tools and technology from HawkEye for the protection and management of critical technologies.

John Serafini, CEO of HawkEye, commented on its current state, claiming that it is growing and improving the satellite constellations to meet the customers’ needs. And this investment will help it move forward and improve its services. In 2019, the company raised $70 million in its Series B round, and its total funding is over $155 million. This funding comes after the company recently announced the completion of the second satellite cluster commissioning.

The cluster includes three satellites that work together to tell the location and presence of radio-frequency emissions, including beacons, radars, and radios. This project has caught the eye of government and commercial customers. The following clusters will launch in June and October.

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