Home > Business > Kleos Space Raises €11.7 Million To Secure Scouting Missions

Kleos Space Raises €11.7 Million To Secure Scouting Missions

The fundraising on the Australian stock exchange will help the Luxembourg-based startup to launch a new clusters of satellites.

Photo: Kleos Space has received commitments via a placement of approximately 26,388,889 new ordinary fully paid CDIs / Credits © Kleos Space

Kleos Space, a spacepowered radio frequency reconnaissance data provider, raises the equivalent of EUR 11.7 million (AU$19 million) through a placement of 26.4 million new ordinary fully paid Crest Depository Interest (CDIs) in Australia.

A CDI is a UK financial security that represents a stock traded on a stock exchange outside the UK. CDIs are issued by CREST, and one CDI is the equivalent to one share of an eligible foreign stock. CDIs are not traditionally listed on the London Stock Exchange and are traded off-exchange.

“The Placement received strong support from new and existing institutional and sophisticated investors,” Kleos said in a press release. The fundraising follows its recent launch of Scouting Mission satellites (KSM1) since last 7 November.

“Kleos is now well financed to execute the launch of the second cluster of satellites, Polar Vigilance Mission (KSF1) in mid-2021, and to develop its third cluster of satellites (KSF2), targeted to be in orbit before the end of 2021,” the company added.

Founded in 2017 and headquartered in Luxembourg, Kleos Space delivers global activity-based intelligence and geolocation as a service. The company operates subsidiaries in the UK, US and Australia. Its first scouting mission included 4 nano-satellites the size of a shoebox. The vehicles collect global data for defence, maritime, commercial and regulatory purposes.

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