BOCA RATON, Fla., March 2, 2020 /PRNewswire/ -- PredaSAR Corporation ("PredaSAR" or "the Company"), which is building and will operate the world's largest and most advanced commercially operated Synthetic Aperture Radar (SAR) satellite constellation, announced today that it successfully completed a $25 million seed financing round. Funds were raised from a diverse network of global institutional investors, including Miami-based lead investor, Rokk3r Fuel. The Company also named retired Air Force Major General Roger W. Teague as Chief Executive Officer, effective today.
Synthetic Aperture Radar is an advanced form of radar used to create 2-D images or 3-D reconstructions of objects. Overcoming the limitations of traditional optical satellites, SAR provides high-resolution images, irrespective of time of day or weather conditions. Recent advancements in engineering, manufacturing and the way SAR data is collected and processed, have decreased the size, weight, power consumption and cost of SAR systems. At the same time, the capabilities of SAR have increased so that data can be sent to the ground in virtual real time to support mission-critical commercial and military applications.
"There is an ever-increasing demand for low-latency SAR data. PredaSAR's pending constellation will feature constant image capture to end users, resulting in the most powerful small-satellite SAR system ever delivered, that is well-ahead of other satellite technology," commented Marc Bell, PredaSAR Chairman and Co-Founder. "Proceeds from the raise will be used to manufacture and launch two SAR satellites through a strategic partnership with Tyvak, the world's leading innovator and provider of nano- and microsatellites. Tyvak's broad range of end-to-end satellite knowledge and expertise will boost PredaSAR's capabilities and empower the Company to establish a strong foundation."
Jeff Ransdell, Founding Partner and Managing Director of Rokk3r Fuel said, "Rokk3r Fuel is very proud to be part of the PredaSAR journey. The Company's vision and business model align exactly with our Firm's intent to support entrepreneurs with groundbreaking ideas propelled by exponential technologies that have the potential to change the world. PredaSAR is an absolute game-changer in its space."
Major General Roger Teague was commissioned in 1986 as a graduate of the U.S. Air Force Academy. His career included a broad range of assignments primarily acquiring, operating and supporting space systems. Among his important assignments, he commanded the 4th Space Operations Squadron, where he led his unit during launch, test and operational activation of three Milstar communications satellites. He also served as the Director, Space Programs, Office of the Assistant Secretary for Acquisition in Washington, D.C. For Teague's distinguished military background, see here.
"With more than 30 years of distinguished service to our nation while serving in the Air Force, Maj. Gen. Teague has been tasked with guiding a trusted and experienced executive team, and brings a wealth of national security space expertise and demonstrated excellence to PredaSAR," said Bell. "From guiding the Space Based Infrared Systems (SBIRS) program to first launch, to helping The Boeing Company secure a number of recent big wins in their space communications portfolio, we are fortunate to have such an experienced individual at the helm of PredaSAR."
"I am proud to lead the PredaSAR team," said Teague. "PredaSAR has been carefully planning and developing the very best commercial SAR satellite system capabilities, while building an incredible leadership team." Teague continued, "We are completely focused on our intent to clearly observe the surface of the earth, anywhere and at any time, so that we can provide actionable data to government and commercial customers. We are excited for PredaSAR's future as we rapidly prepare to deliver compelling SAR products and services to our clients."
Founded in 2019 and headquartered in Boca Raton, Florida, PredaSAR Corporation is an emerging nanosatellite data provider building, and ultimately operating, the world's largest and most advanced, commercial Synthetic Aperture Radar (SAR) satellite constellation. For more information, please visit www.predasar.com
SOURCE PredaSAR Corporation