John Serafini has his head up and pockets full looking toward 2021.
The CEO of HawkEye 360 has plenty of runway to work with, as the spacefaring Herndon startup announces a $70 million Series B funding round that included new investor Airbus.
HawkEye uses formation-flying satellites to create a new class of radio frequency data and data analytics products. Its first cluster of three satellites launched in December and is operational, with a second cluster prepping for launch in early 2020.
This financing will support the development and launch of four additional clusters, which will eventually form a full constellation of 18 satellites in 2021. Other investors in the new round include Esri and existing investors Razor’s Edge Ventures, Allied Minds and Shield Capital Partners.
The startup previously raised more than $28 million from investors, now totaling more than $100 million in funding.
"The cost of building and putting into orbit these kinds of assets is not insignificant, so a vast majority of the capital we're raising is dedicated to building out the six-cluster constellation," Serafini told DC Inno.
He said the funding will also help HawkEye double its employee count of 40 in the next year, made up mostly of technical talent, along with some sales and administrative positions.
The Airbus backing is a large part of that sales push from several angles.
Serafini said the aerospace giant not only is a great financial investor to help offset the satellite costs, but it also has complementary satellite technology that could enhance and collaborate with HawkEye's. Airbus additionally will help the startup sell its data analytics products in the 20-plus European markets it's targeting, he said.
“We are joining the funding of HawkEye 360 at an important time in their growth,” said Evert Dudok, executive committee member at Airbus Defence and Space, in a statement. “Analytics from space is a game-changer for the industry and HawkEye 360's satellite data are highly complementary to Airbus’ global portfolio of optical and synthetic aperture radar satellites."
HawkEye was founded in 2015 by Chris DeMay as a spinoff from Boston-based venture creation firm Allied Minds, which licenses and commercializes technology from government and academic labs. It launched its first satellite cluster in December 2018 and brought its first product, RFGeo, to market in April of this year.
RFGeo identifies and locates the position of a broad range of radio frequency emitters, including navigation radars, push-to-talk radios, satellite terminals and emergency beacons. The resulting data provides insights for maritime, defense and intelligence, telecommunications and crisis-response applications.
It plans to launch satellites in groups of three until its planned fleet of 18 are in orbit, at which time it would receive new radio signals every 30 to 45 minutes from every spot on Earth.
Serafini said HawkEye is mostly targeting U.S. and international government clients for now, but eventually hopes to have private companies make up half its client list.
Editor's note: Read more about HawkEye's technology in a recent DC Inno profile.
