Israel Aircraft Industries (IAI), which holds a controlling interest in West Indian Space, active in the civilian satellite photography field, is preparing to launch the first satellite this year. IAI is partnered in the company by Core Software Technology of the US and El-Op of Israel.
West Indian Space changed its name last week to ImageSat International. IAI legal advisor and deputy general manager Jacob Weiss was appointed general manager of the company in place of West Indian Space and CST founder Steve Wilson, who will serve the company as a consultant.
The company completed a $93 million private placement in the US at the end of last week. The group of investors was led by Pegasus Capital Advisors, with other financial investors from Europe and the US participating.
ImageSat International will supply civilian photography services based on Ofek satellites belonging to IAI and El-Op. The photographs are high resolution, utilizating an advanced digital satellite set-up. Its services will be offered to commercial and governmental customers around the world.
Following the completion of the financing round, Weiss said: "The support of an international investment group reflects their trust in the company's business plan." The new venture will develop a civilian photography satellite, and it is planning to launch six to eight satellites. The first launching was scheduled for December 1999, but was postponed a number of times.
The chairperson of West Indian Space is Moshe Keret, who recently replaced David Brodet.
Published by Israel's Business Arena on July 30, 2000