Saudi Arabia’s Mawarid Holding has made a significant investment in Sceye, a US-based aerospace company. This investment aims to support the commercialization of Sceye’s High-Altitude Platform Systems (HAPS) technology. Mawarid led the Series C funding round, positioning the firm for future growth.
Sceye, valued at $525 million before the investment, will use the undisclosed funds to advance research, development, and flight programs. The company plans to launch commercial operations by 2025, focusing on universal connectivity and environmental monitoring.
Strategic Investment to Drive Innovation
Founded in 1968, Mawarid Holding has a broad portfolio, including Information and communications technology (ICT) and satellite solutions. The Saudi firm’s investment in Sceye aligns with its vision of pioneering technological advancements. Sceye, founded in 2014, has been working on long-duration flight systems powered by solar energy, which have shown promise in disaster prevention and climate monitoring.
Ghassan Itani, Assistant Chairman of Mawarid, emphasized the importance of incorporating HAPS technology to enhance Mawarid’s role in delivering industry solutions. “This partnership reinforces Mawarid’s commitment to pioneering technological advancements and delivering digital solutions that serve critical industries. By integrating HAPS technology, we strengthen our position as a comprehensive provider of strategic industry solutions,” Itani said.
Series C Funding Strengthens Sceye’s Capabilities
The Series C funding round provided Sceye with liquidity to pursue its ambitious goals. This investment follows América Móvil’s involvement in the Series B round, focusing on expanding connectivity in Latin America.
Sceye has successfully demonstrated its perpetual flight capabilities, staying in operation over a fixed area using solar energy during the day and battery storage at night. This test flight showcases the potential of HAPS technology in areas like climate monitoring and disaster response.
Expanding Global Reach with Advanced Solutions
Sceye’s partnership with Mawarid is expected to open new markets and opportunities for its innovative solutions. The US firm’s focus on connecting people and protecting the environment aligns with the global push for sustainable technology.
Mikkel Vestergaard Frandsen, Sceye’s CEO, expressed excitement about the collaboration, noting that the investment will accelerate the company’s commercial roadmap and technological advancements.
This partnership marks a significant milestone in the growing collaboration between Saudi Arabia and global tech leaders, driving progress in advanced aerospace technology.
