Sceye Secures Series C Funding Round Led by Mawarid Holding, Valued at $525 Million
Sceye, a U.S. aerospace company specializing in High-Altitude Platform Systems (HAPS), announced the successful completion of its Series C funding round during World Space Business Week (WSBW). The round was led by Mawarid Holding Company, a Saudi corporation with a strong presence in information and communication technology, satellite, and digital solutions. This round places Sceye’s pre-money valuation at $525 million.
The Series C funds will be used to drive research and development, further flight programs, and support Sceye's anticipated commercial launch in 2025. The investment strengthens Sceye’s financial position, ensuring liquidity to accelerate the development of its HAPS technology.
Mikkel Vestergaard Frandsen, CEO and Founder of Sceye, commented, “This funding round is pivotal for us as we move closer to commercializing our technology. Our partnership with Mawarid will expand our market reach and accelerate the rollout of our innovative solutions.”
Ghassan Itani, Assistant Chairman of Mawarid, stated, “This investment reaffirms our commitment to advancing cutting-edge technologies and digital solutions across critical industries. Sceye’s HAPS technology offers new avenues for enhancing our portfolio.”
The announcement follows a successful 2024 test flight, where Sceye demonstrated perpetual flight capabilities, positioning HAPS as a game-changer for connectivity, disaster response, and environmental monitoring.
