HawkEye 360, Inc., a Boston, MA-based developer of a space-based radio frequency (RF) mapping and analytics system, raised $11.0m in Series A equity funding.
The round was led by Razor’s Edge Ventures with participation from Allied Minds (LSE: ALM) and a defence market company.
The company intends to use the funds to complete the development and manufacturing of the HawkEye 360 Pathfinder Cluster of three small satellites, which is scheduled for launch and testing in late 2017, as well as to grow its engineering and business development teams.
Led by newly appointed CEO John Serafini, HawkEye 360 is developing a new, space-based global intelligence network that will use radio frequency (RF) technology to help monitor transportation across air, land and sea and assist with emergencies.
Its constellation of small satellites in low Earth orbit (LEO) will collect information on specific radio signals worldwide to provide high-precision radio frequency mapping and analytics customizable to the needs of clients including government regulators, telecommunications companies and satellite broadcasters.
The company also intends to issue up to an additional $2.75 million in Series A preferred shares to new and existing shareholders within 60 days, resulting in a total expected financing of up to $13.75 million.