Skydweller Aero Inc. Raises $40M in Oversubscribed Series A Funding Round to Continue Rapid Technological Development to Meet Demand for Persistent Flight
Company maturation and market growth attract key partnership with Palantir Technologies
OKLAHOMA CITY, Okla., Sept. 9, 2021 /PRNewswire/ -- Skydweller Aero Inc., a U.S.-Spanish aerospace company developing solar powered aircraft for defense and commercial industries, today announced it has raised $40 million in an oversubscribed Series A funding round. This new figure reflects $8 million of additional funding after the aerospace company previously reported its Series A close in 2019. The financing was led by Leonardo S.p.A, Marlinspike Capital, and Advection Growth Capital.
This round also marks a critical partnership with Palantir Technologies, a publicly traded U.S. company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. Skydweller will use Palantir's Foundry platform, which provides state-of-the-art analytics tools to process information at scale and on the edge, to rapidly fuse vast amounts of complex data. Palantir's expertise and capabilities within the aerospace and defense markets make it an ideal partner to Skydweller's information collection services and solutions.
"Skydweller has seen tremendous interest from investors, providing us the opportunity to exceed our initial fundraising goals. This points to significant market growth and a great need for this technology across the commercial and government industries," said Skydweller CEO Dr. Robert Miller. "We are also delighted and honored to announce Palantir as a key investor and partner, as we work to develop the next generation of persistent airborne solutions."
With this capital, Skydweller will continue to accelerate the development and maturation of its autonomous systems technology, to be applied during flight testing for current and prospective customers. The company will also begin designing and manufacturing air vehicles and complete its information and intelligence collection service offerings.
"We see Skydweller as the next generation platform of renewably powered aircraft that can be leveraged for intelligence, telecommunications and geospatial data and more," said President of Palantir USG and CTO for Palantir Technologies Akash Jain. "This partnership demonstrates Palantir's continued investment in unlocking the world's growing data challenges."
The Series A raise builds on the company's recent momentum in which it announced its first public contract award with the U.S. Navy's Naval Air Systems Comment (NAVAIR) for over $5 million to demonstrate the capabilities and performance of their zero-carbon emission solution for long endurance flight.
About Skydweller Aero Inc.
Skydweller Aero Inc. is a cutting-edge aerospace company developing solar powered aircraft solutions capable of achieving perpetual flight with heavy, powerful payload capacity. Utilizing technology based upon the longest continuous renewably powered flight program in history, this fast-growing startup is developing a new class of unmanned aircraft, providing the persistence of geosynchronous satellites with the powerful sensing capabilities and the flexibility of a large, airborne platform.
With a flexible payload system, including communications relay, 4G/5G cellular, day/night full motion video, satellite communication, imaging radar, and more, Skydweller will enhance commercial and government telecommunication, geospatial, meteorological, and emergency operation efforts around the world, allowing customers to operate persistently in more challenging areas for longer durations, while reducing environmental impact. For more information about Skydweller, visit www.skydweller.aero.
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About Palantir Technologies Inc.
Palantir Technologies is a software company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. From building safer cars and planes, to discovering new drugs and combating terrorism, Palantir helps customers across the public, private, and nonprofit sectors transform the way they use their data. Additional information is available at https://www.palantir.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir's expectations regarding the partnership, as well as the expected benefits of Palantir's software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of Palantir's management as of that time with respect to future events. Additional information regarding these and other risks and uncertainties is included in the filings Palantir makes with the Securities and Exchange Commission from time to time. Except as required by law, Palantir does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
SOURCE Skydweller
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