D-Orbit announces SPAC merger and ICEYE and Sateliot raise further funding

by | Feb 10, 2022 | Finance, Seradata News

Italian “space logistics” company D-Orbit announced its plan go public through a SPAC (Breeze Holdings Acquisition Corp) merger on 27 January 2022. The process is expected to complete quickly – anticipated close is in Q3 2022 – and will see the new entity listed on the American NASDAQ stock exchange. Post-merger the new company is estimated to have an enterprise value of US$1.28 billion, with US$185 million cash on hand. 

Current members of the D-Orbit C-suite are expected to remain in their roles post-merger, with the D-Orbit founders receiving an approximately 2.2 per cent share of the new company. 

In addition to the primary merger D-Orbit (and its successor) is entering into a relationship with The Charles F. Bolden Group (The Bolden Group). This is a consortium of “accomplished leaders and problem solvers” founded by ex-NASA Administrator Charles F. Bolden Jr. in 2017. The Bolden Group will gain seats on the new entities board of directors to support it in “strategic and operating execution”. 

ICEYE

In February 2022 ICEYE announced it had completed a Series D round of fundraising worth US$136m. The company reported that this now took its total amount raised to US$304m. This round was lead by Seraphim Space. 

As a follow-up to the Series D ICEYE later announced that Tokio Marine, a insurance underwriter, had participated in the fundraising as part of a strategic partnership between the two companies. Tokio Marine hopes to utilise the ICEYE SAR fleet to create new insurance products as well as confirmation and evaluation of claims. 

Sateliot

Spanish SAT-IoT start-up Sateliot reported that it had secured US$7.3m of investment on 2 February. 

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