The firm, which was founded in 2017 and offers a global picture of hidden maritime activity, secured the capital from new and existing institutional investors in Australia and the US through a placement of close to 15 million new CHESS depository interests over Kleos’ ordinary shares at A$0.85 per CDI (placement).

The placement includes cornerstone investments from Perennial Value Management and Thorney Investment Group.

Kleos wrote in a press release that the price represented a 9.6% discount to the 30-day volume weighted average trading price and includes three attaching options for every five CDIs issued, exercisable at A$1.20 and expiring three years from the date of issue.

The finance enables the firm to expand its team to meet customer demand. So far, it has launched two clusters: a scouting mission of four satellites which is operational and collecting data that it evaluates for customers, and a vigilance mission involving four satellites in orbit which has twice the capacity to collect data.

A third cluster, dubbed the “patrol mission” involves four satellites that are being constructed and will be deployed by SpaceX. These satellites will have twice the payload capability of the first two clusters.

Kleos says that it has over 170 deals in the pipeline, among them are deals with 69 government agencies.

Kleos CEO Andy Bowyer said: “I am extremely pleased to welcome new high-calibre institutional investors Perennial and Thorney to the register. The strong support we have received from new and current investors reflects Kleos’ significant technical and commercial progress that is accelerating rapidly.”