Insider Brief
- Sceye announced the successful completion of its Series C funding round, led by Saudi Arabia’s Mawarid Holding Company.
- The round valued Sceye at $525 million pre-money, providing the capital needed to drive research and development, support test flights, and prepare for commercial operations by 2025.
- In 2024, Sceye showcased its technology’s ability to stay aloft for extended periods by leveraging solar energy during the day and batteries at night.
U.S.-based aerospace company Sceye announced the successful completion of its Series C funding round, led by Saudi Arabia’s Mawarid Holding Company, at World Space Business Week (WSBW). Mawarid, with a strong presence in information and communication technology (ICT) and satellite solutions, joins Sceye in advancing its High-Altitude Platform Systems (HAPS) technology. The round valued Sceye at $525 million pre-money, providing the capital needed to drive research and development, support test flights, and prepare for commercial operations by 2025.
Sceye’s collaboration with Mawarid builds on its strategic partnership approach. In its previous Series B round, Sceye partnered with América Móvil, focusing on Latin American markets. The Series C funding opens new opportunities, allowing Sceye to expand into the Middle East and other regions where Mawarid has a presence.
“This funding marks a significant step for Sceye,” said Mikkel Vestergaard Frandsen, CEO and Founder of Sceye. “It will accelerate the development of our platform and commercial roadmap, positioning us to launch commercial HAPS operations by 2025.” Ghassan Itani, Assistant Chairman of Mawarid, echoed this sentiment, emphasizing the potential of HAPS to enhance Mawarid’s role as a provider of strategic solutions across key industries.
Sceye has demonstrated steady progress in its flight programs. In 2024, the company showcased its technology’s ability to stay aloft for extended periods by leveraging solar energy during the day and batteries at night. This success showed the viability of HAPS as a new infrastructure layer, filling the gap between terrestrial networks and satellite systems.
The implications of HAPS are broad, offering new solutions in areas like connectivity, disaster response, environmental monitoring, and real-time detection of climate-related events.
Image credit: Sceye
