Kleos Space has announced it has secured a four-year secured A$10 million debt facility under a binding term sheet with PURE Asset Management Pty Ltd (PURE) to fund operations and satellite constellation growth.
Commenting on the debt facility, Kleos CEO Andy Bowyer said, “Kleos is in a period of rapid growth, responding to market needs for greater situational awareness. This debt facility provides us with capital to expand beyond our 12-satellite constellation already in orbit as well as the four satellites due to launch in 2H 2022.
“Increasing global risks and conflicts have driven growth in demand for intelligence, surveillance, and reconnaissance data. With each new cluster of satellites we operate, we increase our data collection capacity as well as revenue generation opportunities.”
Kleos uses space technology to locate radio transmissions (RF) in key areas of interest around the globe, efficiently uncovering and exposing activity on land and sea. Using Kleos’ owned clusters of satellites, RF data is collected, transmitted to the ground, processed using proprietary technology, and delivered to customers worldwide.
Customers include analytics and intelligence entities who license data on a subscription basis (DaaS) or purchase dedicated data collection capacity (MaaS). The geolocated RF data is applicable to government and commercial use cases, aiding better and faster decision making.
Kleos will use the PURE facility funds to further expand its low earth orbit constellation beyond the satellites already scheduled for launch H2 2022 and increase its operational team to support growth.
“We have been impressed with the level of genuine commercial interest in Kleos’ offerings from a broad array of sophisticated Government bodies globally, in undertaking our due diligence,” said PURE Asset Management co-founder Nick Berry.
“Kleos faces limited competition in a rapidly scaling market, and its commercial prospects are divorced from the monetary policy considerations currently driving macro-economic trends. We’re excited to be partnering with Kleos at this inflection point in the Company’s commercial trajectory.”
