Riyadh – Sharikat Mubasher: Saudi Arabia’s Mawarid Holding invested in Sceye, a US-based firm that manufactures high-altitude platform systems.
The Saudi holding firm led the Series C funding round for the American aerospace company, which has a pre-money valuation of $525 million, according to a joint press release.
The new investment of undisclosed value will be used to fuel research and development activities, flight programmes and commercialisation of Sceye’s high-altitude platform systems (HAPS) technology in 2025.
Mikkel Vestergaard Frandsen, CEO and Founder of Sceye commented: “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.”
Ghassan Itani, Assistant Chairman of Mawarid, added, “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.”
Established in 1968, Mawarid has a diverse portfolio spanning ICT, satellite, and digital solutions. It has been a player in the global communications sector, including its role as a founder and shareholder in Nasdaq-listed Iridium Communications since the early 1990s.
Its investment is expected to open new market opportunities for Sceye. Founded in 2014, the US firm focuses on universal connectivity, climate monitoring, natural resource management, and disaster prevention.
Last month, the company demonstrated that its HAPS technology can operate long-duration flights powered by solar energy during the day and batteries during the night to detect climate disasters like wildfires and methane leaks.
