Photo: Kleos Space

Kleos Space entered into a binding term sheet for an approximately $2.03 million (1.82 million euros) debt instrument, to be issued in the form of secured convertible notes. The procurement of Kleos’ 2nd cluster of satellites can now commence and the launch in 2020 will be booked over the coming months. The second cluster aims to collect more data than the first.

The multi-satellite Scouting Mission system aims to form the foundation of a constellation that delivers a global picture of hidden maritime activity, enhancing the intelligence capability of government and commercial entities when Automatic Identification System (AIS) is defeated, imagery is unclear, or targets are out of patrol range. The first scouting mission is made up of 4x nano-satellites built by GomSpace in Denmark, each the size of a shoebox.

Andy Bowyer, CEO of Kleos, said, “This investment is targeted to enable us to accelerate business development and revenue generating activities. We will recruit additional product development engineers and strengthen the management team to assist with the delivery of our data products. Over the coming months we will also recruit sales and sales support professionals to help respond to inbound sales enquiries and manage key accounts, increasing orders and contracts.