Pioneer in space-based radio frequency signal detection raises €85 million

This operation, one of the largest in the space industry, confirms the global interest in Earth observation and marks a new milestone in Unseenlabs’ development. This new funding round brings together new leading investors: Supernova Invest, ISALT via its Strategic Transition Fund, and UNEXO.

All of Unseenlabs’ historical partners – 360 Capital, OMNES, Bpifrance, Breizh Up managed by UI Investissement, and S2G Ventures – also reaffirm their support for this new phase by investing in the new funding round.

The strategic allocation of funds will focus on:

• Consolidation of activity within private sector segments, such as oil and gas, insurance, shipowners, economic intelligence, and offshore energy
• Significant expansion of observation capabilities, with the launch of multiple satellites
• Strengthening Unseenlabs’ international presence, particularly in the American and Asian markets, which are crucial for the maritime sector
• Recruitment of new talent, supporting the company’s strategic vision and operational excellence
• Innovation and deployment of new products and solutions, thereby reinforcing Unseenlabs’ position as a leader in RF maritime surveillance solutions

"After our previous fundraising rounds in 2018 and 2021, we are proud to announce this new €85 million fundraising. Unseenlabs has accumulated a total funding of €120 million since its inception. This reflects our steady progress and the continued confidence of our investors. The year 2023 marked an inflection point for Unseenlabs, reinforcing the relevance of our business model and the attractiveness of our offering in the market. This funding will allow us to accelerate our growth, particularly by developing new solutions and strengthening our presence in the private sector. We have the means to achieve our ambitions and are excited to continue this journey with our historical partners while welcoming new ones," declared Clément Galic and Jonathan Galic, Co-Founders of Unseenlabs.

Founded in 2015 by the Galic brothers, Unseenlabs is revolutionising maritime surveillance through its proprietary technology for detecting radio frequency signals emitted by ships, enabling precise geolocation of boats from space. Unseenlabs works with dozens of clients internationally, addressing various issues: securing maritime areas, protecting the seabed, tracking ships, combating piracy, etc.

To date, the Unseenlabs constellation consists of 11 satellites in orbit located between 500- and 600-kilometre altitudes.

Unseenlabs aims to deploy an additional 10 satellites by the end of 2025, improving the performance of the constellation, such as the age of information for its customers.

Next month, Unseenlabs will see its constellation augmented by two new satellites, BRO-12 and

BRO-13. These satellites will be launched aboard a SpaceX Falcon 9 as part of the Transporter-10 mission from the Vandenberg Space Force Base (USA).

This new fundraising will enable Unseenlabs to intensify its technological innovations and expand its service offering.

Investors, attracted by the technological breakthrough brought by Unseenlabs and the strength of its economic model, are committed to supporting the company’s long-term vision.

"Unseenlabs stands out for its innovative approach and its ability to redefine the standards of space observation of radio frequencies. We are convinced of its potential to stay a major global player. The decisive factors of our investment lie in their disruptive technology and the value-addition of their data, crucial for both state maritime missions and private sector markets," emphasised Etienne Moreau, Partner at Supernova Invest.

Laurent Piccoli, Partner at ISALT, stated: "By partnering with Unseenlabs, ISALT once again chooses the long-term and invests in the future. We are delighted to participate in financing the industrial ambitions of this SME that has developed a unique location technology. Through this partnership, the Strategic Transition Fund continues its commitment to finance and support the most competitive French future champions in their sectors, which our country needs."

"UNEXO is proud to support Unseenlabs, a flagship of Breton innovation. Our investment reflects our commitment to promoting the entrepreneurial dynamism of our region. Together, we are writing a new chapter of technological success in the Grand Ouest," said Jérémy Durand, Head of venture capital activity at UNEXO Capital investment fund.

All historical partners express their support of this new phase, notably Nicolas Berdou, Investment Director at Bpifrance, who states: "The continued commitment of the French Ministry of Armed Forces and Bpifrance in the New Space domain is reinforced with this renewed participation in this new Series C round carried out by Unseenlabs. This step not only validates their technological solution and their economic model but also strengthens their position as a global leader in data and as a leading service provider for maritime surveillance."

Laurent Le Portz, Investment Director at UI Investissement, adds: "Through the renewed commitment of Breizh Up, which has been present since the first round, the Région Bretagne reaffirms its intention to support the development of Unseenlabs and its Earth observation technologies aimed at protecting our oceans and maintaining environmental balances."

In addition to this investor ecosystem, Unseenlabs also benefited from the support of a consortium of leading banks, coordinated by the Caisse Régionale de Crédit Agricole Mutuel d’Ille-et-Vilaine, acting as coordinator and agent. The banking pool includes Banque CIC Ouest, Banque Populaire Grand Ouest, Caisse d’Epargne et de Prévoyance Bretagne – Pays de Loire, and Caisse de Crédit Mutuel, thus demonstrating significant confidence in Unseenlabs’ vision and growth potential.

Furthermore, Barclays’ contribution as an investment bank was crucial in supporting Unseenlabs in its fundraising efforts, alongside the banking pool.