Australia-based Skykraft, which builds satellites to improve communication between air traffic control and aircraft flying in remote areas, has raised A$120 million (over $75 million) in the first close of its second funding round, according to a LinkedIn post.
The Australian subsidiary of the UK-listed fund manager Foresight Group, invested in the funding round along with OPTrust, manager of one of Canada’s largest pension funds, and Main Sequence, Australia’s deep tech investment fund founded by the country’s national science agency CSIRO.
The company plans to use the new capital to fund the rollout of its space-based Air Traffic Management (ATM) technology.
Founded in 2017, Skykraft is an Australian space services company that specialises in the conceptualisation, design, manufacture and operations of SmallSat constellations for the delivery of global services.
The company is developing new space-based services to increase air safety and address gaps in surveillance and communications for aircraft travelling across oceanic or remote areas that are limited by ground-based communications infrastructure.
Canberra-based Skykraft had previously received a $1 million grant from the Australian Capital Territory government in 2019. Its other backers include former Macquarie Group boss Allan Moss, Lennoxgrove Capital and Adcock Private Equity.
The company completed the first trial of space-based VHF voice communications for Air Traffic Management in July this year. The latest funds will help the company to get a constellation of hundreds of its satellites into low-earth orbit.
The company’s satellites, designed and manufactured in Australia, are sent into their orbits on rockets built by SpaceX. The satellites will help build a global air traffic management service that provides constant real-time communications between air traffic controllers and pilots, and enable safer flight path planning.
Skykraft’s latest fundraising is the second biggest funding round in Australia this year, the Australian Financial Review reported on Monday. Medical device company Saluda Medical’s A$150 million equity round in April is perched on top of the funding table.