Allied Minds has returned to back satellite intelligence gathering technology company HawkEye 360 after having taken part in an $11m round in 2016.
HawkEye 360, a US-based geospatial data analytics company based on research at Virginia Tech, has raised an initial $9.6m in its series A-3 round from investors including commercialisation firm Allied Minds.
The round included national security-focused investment firm Razor’s Edge Ventures, venturing firm Shield Capital and an unnamed US-based aerospace and defence firm. Additional investors are expected to join the round for a second close.
Founded in 2015, HawkEye 360 is developing small, low Earth orbit (Leo) satellites that collect geospatial data, perform analytics and generate reports on radio frequency signals.
The technology has applications in areas such as search and rescue missions, logistics tracking, the detection of human trafficking and identifying spectrum interference.
Because of their proximity to Earth, Leos are considered better suited for data analytics than higher orbits, such as those used for telecommunications. HawkEye is planning to build three groups of Leo satellites.
The cash will be used to develop, build and launch HawkEye 360’s first commercial satellite cluster scheduled to begin operations in 2019. HawkEye 360 has already built three space-bound pilot satellites known as the PathFinder cluster due to enter service later this year.
The funding will also support general commercial purposes.
HawkEye has signed up several clients to test its product for maritime domain awareness, defined by United Nations agency the International Maritime Organization as “the effective understanding of anything associated with the maritime domain that could impact the security, safety, economy, or environment”.
HawkEye previously raised $11m in a series A round in 2016 led by Razor’s Edge Ventures that featured Allied Minds and an unnamed defence industry entity. It has not revealed details about a series A-2 round.
Jill Smith, chief executive of Allied Minds, said “We are pleased that HawkEye 360 has attracted additional capital from high grade strategic investors.
“We look forward to the PathFinder Cluster launch and to HawkEye 360 delivering on its considerable commercial potential.”