Space

Kleos secures PURE funding

Posted 4 July 2022

Kleos Space has entered into a four-year secured A$10 million debt facility with PURE Asset Management Pty Ltd (PURE) to fund operations & satellite constellation growth.

Above: Andy Bowyer, CEO, Kleos.
Courtesy Kleos Space

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 a growth in demand for intelligence, surveillance and reconnaissance data. With each new cluster of satellites we operate, we significantly increase our data collection capacity and sophistication, as well as revenue opportunities.”

Kleos uses Space technology to locate radio transmissions 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, including analytics and intelligence entities, licensing data on a subscription basis (DaaS) or by buying dedicated satellite capacity (MaaS). The provided data is applicable to government and commercial use cases, aiding better and faster decision making.

Kleos currently has a constellation of 12 satellites in low earth orbit with another four satellites scheduled to launch later in FY22. Use of funds from the Pure facility include additional constellation growth beyond the satellites already scheduled for launch in addition to expansion in the operational team to support company 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.”