The Wrocław-based spacetech company TerraEye has been acquired by International Resource Holding, enabling early investors, including Balnord, to exit. The deal generated a 20.08% annual return for Balnord and increased the fund’s cash distributions to investors (DPI) to 0.24x, placing it among the top-performing funds globally from the same vintage.
- Established by Marek Wilgucki, Oskar Fryckowski, and Miłosz Małachowski, TerraEye develops an AI-driven platform that uses satellite imagery to identify areas likely to contain critical minerals such as copper, nickel, and rare earth elements.
- The system combines data from multiple satellite constellations with machine-learning models that detect geological patterns and signals associated with mineral deposits. Instead of delivering raw images, the platform analyzes the data to generate specific exploration targets, helping geologists and mining companies focus their fieldwork on the most promising locations.
- At the end of 2025, TerraEye was acquired by International Resource Holding. Headquartered in Abu Dhabi, IRH is a metals and mining investment company focused on securing critical minerals such as copper, cobalt, nickel, and lithium, which are key to the global energy transition. The company operates across the entire mining value chain — from exploration and extraction to processing and trading
Details of the deal
- The deal gave early investors a profitable exit, boosted the fund’s returns, and set the company up for global growth.
- Despite earlier challenges that required refocusing the business and stabilizing operations, TerraEye continued to expand its international client base. CEO Marek Wilgucki remains actively involved, working with the new owner to further develop the AI platform for mineral exploration.
"The interest we received from the US and Australia confirmed that our capital-efficient approach to spacetech is world-class. Ultimately, the UAE group presented the best path to realize our full potential. We are no longer just identifying targets; we are scaling a platform that will be foundational to the future of the global mining industry. I’m excited to continue this journey as we transition into a high-growth scaleup phase," claims Marek Wilgucki, CEO of TerraEye.
