Saudi Arabia’s Mawarid Holding has made a strategic investment in Sceye, a US-based manufacturer of high-altitude platform systems (HAPS). Mawarid Holding led the Series C funding round for Sceye, which currently has a pre-money valuation of $525 million. The undisclosed amount of funding will support Sceye’s research and development activities, flight programs, and the commercialisation of its HAPS technology. Mawarid Holding, established in 1968, has a diverse portfolio that includes ICT, satellite, and digital solutions, and has been active in global communications, notably as a founder and shareholder in Iridium Communications. This investment aims to open new market opportunities for Sceye, which focuses on universal connectivity, climate monitoring, natural resource management, and disaster prevention. Sceye recently demonstrated its HAPS technology’s ability to operate long-duration flights powered by solar energy and batteries, essential for detecting climate disasters like wildfires and methane leaks.
Aerospace & Defense, Investment & Financial Services, Technology,United States, Saudi Arabia
https://www.zawya.com/en/business/aviation/saudis-mawarid-holding-invests-in-us-aerospace-firm-sceye-ad9v3qlw