HawkEye 360 just raised $58M in a Series D-1

Herndon, Virginia satellite company HawkEye 360 has yet again raised a significant funding round.

The Northern Virginia company, which measures space-based radio frequency data and analytics, just closed a $58 million Series D-1. With the funds, the company plans to develop new space systems and expand its analytics offerings for high-value defense missions.

Funds and accounts managed by BlackRock led the round, with additional participation from Manhattan Venture Partners, Insight Partners, NightDragon, Strategic Development Fund, Razor’s Edge, Alumni Ventures and Adage Capital. All investors except for Manhattan are existing investors in the company.

Adam Bennett, HawkEye’s VP of marketing, said the funds will help the company hone in on what its customers are looking for as it continues to launch satellites.

“We’ve realized there’s more we can do, and some better things we can do, to help support specific needs that customers may have,” Bennett told Technical.ly. “So this funding is really about positioning us for the next level of innovation.”

The company currently has 21 satellites in orbit around the Earth and hopes to add new Block III satellite architecture when it launches its 14th cluster. The company currently has seven clusters in orbit and plans to launch eight and nine this fall, Bennett said.

The eventual Block III satellites, he added, will likely be a mix of high-performing satellites and also smaller ones.

“We’re really looking at: What use cases do we need to optimize around for some very specific mission-critical defense needs?” Bennett said. “And in some cases, there are some special capabilities that we need to put on the orbit for that.”

HawkEye is also making moves in the AI, data fusion and multi-intelligence orchestration spaces in the hopes of simplifying its data offerings for customers. Having so many satellites in operation, Bennett said, means that so much data is being collected every day. Now, the company wants to optimize AI and machine learning.

This isn’t the first time the company raised a major round in recent years. In 2021, the company closed a $145 million Series D led by Insight Partners and Seraphim Space Investment Trust before adding another $5 million from Leidos a few months later. That $150 million also came after a $55 million round the company raised in April 2021, bringing its raise total to $195 million that year and valuing the company at $895 million.

Bennett declined to share details of the company’s current valuation. However, he did say the company was looking at an eventual IPO and will be looking for staffing in this new phase. Earlier this month, the company was also awarded a contract from Australia’s Department of Foreign Affairs and Trade to prevent illegal, unreported and unregulated fishing.