Sceye Secures Series C Funding Led by Mawarid Holding Company
Sceye has strengthened its financial position by closing its Series C funding round, which valued the company at a pre-money valuation of $525 million. This funding will provide the necessary liquidity to support research and development activities, aviation programs, and the launch of initial commercial operations in 2025.
This strategic partnership follows Sceye’s successful collaboration with América Móvil, which participated as the largest investor in the company’s Series B funding round, focusing on the Latin American market.
Mikkel Vestergaard Frandsen, CEO and founder of Sceye, stated, “The Series C round marks a critical milestone for Sceye. These funds will accelerate the development of our platform and our business plan, paving the way for the commercialization of our High-Altitude Platform Systems (HAPS) technology in 2025. Our partnership with Mawarid opens up new horizons and market opportunities for our innovative solutions.”
Ghasan Itani, Deputy Chairman of Mawarid Holding Company, added, “This partnership reinforces Mawarid’s commitment to leading technological advancements and delivering digital solutions that serve critical industrial sectors. By integrating HAPS technology, we are enhancing our position as a comprehensive provider of strategic industry solutions.”
The Series C investment announcement follows the success of Sceye’s 2024 aviation program, where the company achieved a major milestone by demonstrating its ability to sustain long-duration flights over operational areas. The test flight confirmed that Sceye’s High-Altitude Platform Systems (HAPS) can operate continuously using solar energy during the day while charging the battery to maintain flight at night.
This achievement marks the emergence of a new infrastructure layer between terrestrial systems and space, highlighting the transformative potential of HAPS technology in expanding access to connectivity, managing disaster response, monitoring environmental changes, and detecting climate-related disasters in real time.
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