Adage Capital Management is an American investment management firm based in Boston that has been making investments in the space industry. While primarily focused on S&P 500 equities, they have ventured into private equity investments in early-stage companies, including HawkEye 360, a commercial operator of remote-sensing satellites. HawkEye 360 uses radio-frequency data collected by satellites to geolocate electronic emissions. Adage Capital's investment supports HawkEye 360's development of new space systems and expansion of analytics for defense missions.
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The initial $58,000,000 in Series D-1 funding was announced in July 2023 and was led by funds and accounts managed by BlackRock with additional funding from Manhattan Venture Partners and existing investors including Insight Partners, NightDragon, Strategic Development Fund, Razor’s Edge, Alumni Ventures, and Adage Capital.
The transaction cash proceeds will include the issuance of approximately $120,000,000 of common stock through a fully committed private placement at $10.00 per share, including investments from Adage Capital and Porsche SE.