Sceye Secures Series C Funding Led By Saudi Entity Mawarid Holding Company

Sceye, a US aerospace firm known for High-Altitude Platform Systems (HAPS), revealed the completion of its Series C funding round at World Space Business Week. Mawarid Holding Company, a Saudi entity with expertise in ICT and satellite solutions, led this investment. This development marks a significant step for Sceye's financial growth.

The Series C funding round has bolstered Sceye's financial position, valuing the company at $525 million before new investments. This capital injection ensures adequate resources for research and development, flight programs, and the commencement of commercial operations by 2025.

Sceye's partnership strategy continues to thrive with this new alliance. Previously, América Móvil was the largest investor in their Series B round, focusing on Latin America. The collaboration with Mawarid expands Sceye's reach into new markets and territories. Sceye aims to leverage this funding to advance its technological capabilities further. The company is poised to make significant strides in commercializing its HAPS technology by 2025.

"The Series C round is a critical milestone for Sceye. These funds will accelerate our platform development and commercial roadmap, paving the way for the commercialization of our HAPS technology in 2025. Our partnership with Mawarid opens new territories and market opportunities for our innovative solutions," stated Mikkel Vestergaard Frandsen, CEO and Founder of Sceye.

The recent investment follows Sceye's successful 2024 flight program. During this program, they demonstrated perpetual flight capabilities by maintaining operations over a specific area. Solar energy powered the system during daylight, while battery storage facilitated overnight flights.

This achievement introduces a novel infrastructure layer bridging terrestrial and space systems. It underscores HAPS technology's potential to enhance connectivity access, disaster response management, environmental monitoring, and real-time climate-related disaster detection.

Ghassan Itani, Assistant Chairman of Mawarid, commented on the collaboration: "This partnership reinforces Mawarid's commitment to pioneering technology advancements and delivering digital solutions that serve critical industry sectors. By incorporating HAPS technology, we enhance our position as a comprehensive provider of strategic industry solutions."