HawkEye 360 raises $58M for satellite architecture and data science acceleration

HawkEye 360 raises $58M for satellite architecture and data science acceleration
by Staff Writers
Herndon VA (SPX) Jul 14, 2023

HawkEye 360 has secured $58 million in a new round of funding. This financial backing, designated as the Series D-1 funding round, is set to be channeled into the development of innovative space systems and expanding analytics which are pivotal in supporting high-value defense missions.

Leading the Series D-1 funding round were funds and accounts managed by BlackRock (NYSE: BLK). In addition to this, Manhattan Venture Partners and other existing investors including Insight Partners, NightDragon, Strategic Development Fund (SDF), Razor's Edge, Alumni Ventures, and Adage Capital, also contributed towards the funding round.

HawkEye 360's CEO, John Serafini, underscored the significance of the investment by stating, "HawkEye 360 continues to make the world a safer place through advanced RF analytics - including addressing maritime, environmental, and national security needs." He also added that they will utilize the funding to drive their next innovation steps. Highlighting the credibility of HawkEye 360, Serafini mentioned that the confidence of leading investment firms in RF geospatial intelligence speaks volumes about its future as a critical defense technology.

Commenting on the investment, Matt Singer, Managing Director, BlackRock, expressed his belief in the growth and innovation potential of HawkEye 360. He emphasized that governments and commercial customers are seeking better intelligence, and HawkEye 360, with its complete chain of control from orbit to analytics, is paving the way for a new category of RF space-based data.

HawkEye 360's current satellite count stands at 21 in orbit. The firm is planning a transition to a novel Block 3 satellite architecture, starting with Cluster 14 and beyond. In addition to hardware advancements, the company is also investing significantly in artificial intelligence, data fusion, and multi-intelligence orchestration to leverage the vast amount of RF data being collected. The objective is to streamline analysis for its customers.

HawkEye 360's impact on the defense intelligence sector was highlighted by Jared Carmel, Managing Partner and General Partner of Manhattan Venture Partners. He described the company as a prime example of how a commercial operation can service the intelligence needs of the U.S. and its allies. He emphasized the value of private sector innovation and leadership in enabling peace through strength, preventing future conflicts, and ensuring global stability.

Legal counsel for HawkEye 360 and BlackRock in connection with the transaction were WilmerHale and Goodwin Proctor LLP respectively.