T-Minus Space Daily: Investing in the Security Tech Market with NightDragon

Podcast: T-Minus Space Daily
Host: Maria Varmazes, N2K Networks
Guest: Dave DeWalt, CEO of NightDragon
Date: January 19, 2026

Overview

This episode of T-Minus Space Daily explores the intersection of security technology investment and the rapidly evolving space sector, focusing on NightDragon’s involvement with Hawkeye 360 and broader trends in space cybersecurity. Host Maria Varmazes interviews Dave DeWalt, CEO of NightDragon, to discuss the significance of signal intelligence (SIGINT), NightDragon's strategic investments in space, the growing importance of securing space infrastructure, and the synergies between their portfolio companies.

Key Topics & Discussion Points

1. NightDragon’s Investment in Hawkeye 360

[03:09–05:18]

• Background: NightDragon, an investment advisory firm focused solely on the security technology market, has led a Series E funding round for Hawkeye 360, a commercial leader in space-based SIGINT (Signal Intelligence).
• Long-term partnership: NightDragon has supported Hawkeye 360 for nearly five years, participating in almost every funding round.
• John Serafini’s Leadership: Dave praises the CEO of Hawkeye 360, highlighting his rare leadership in the space and security sectors.
• Recent Developments:
  • Hawkeye 360 is preparing for public opportunities and acquisitions; the recent acquisition of ISA is a part of this expansion.
  • NightDragon views the company as “crossing the chasm,” emphasizing its maturity and impact.
• Mission Focus: The investment is driven not just by commercial potential but by a broader mission to secure the world and enhance the detection of global threats.

Quote:
“The company’s got a real opportunity to drive value for its shareholders, but also, and maybe just as important, create a mission of securing our world. That is really something Hawkeye excels at.”
— Dave DeWalt [04:43]

2. Differentiating through Signal Processing & AI

[05:18–07:46]

• Hawkeye 360’s Core Tech: Specializes in low Earth orbit software-defined radios (SDRs) used for monitoring and analyzing ground-based RF emissions.
• Expansion & Coverage: Operates 12–13 clusters worldwide, offering powerful revisit rates and near-global coverage.
• Emphasis on AI & Signal Processing:
  • Focus on building a comprehensive database for pattern recognition in RF emissions.
  • Utilizes AI to differentiate between various signals (e.g., dark ships, aircraft types, GPS jammers) and recognize patterns of life.
  • Delivers high accuracy and low false positives for real-time anomaly detection.
• Strategic Value: Elevated as a critical SIGINT infrastructure, relied upon by multiple nation-states for security responses and peacekeeping.

Quote:
“Signal processing is at the heart of it, and AI and software is the core. This company has really created an unbelievable database of patterns of life recognition around ground-based RF emissions.”
— Dave DeWalt [05:56]

3. NightDragon’s Broader Vision: Security Tech across Domains

[07:46–10:14]

• Investment Philosophy: NightDragon invests in security technologies across five domains: space, air, maritime, ground, and the “invisible domain” (cyber, AI, quantum).
• Interconnected Risks: Recognizes how risks and threats are converging across domains, such as how space communications are intertwined with cyber and supply chain concerns.
• Strategic Importance of Space:
  • Space is now seen as the next critical frontier for economies, infrastructures, and national security.
  • Whoever controls and secures space will possess significant economic and security advantages, particularly from the American perspective.

Quote:
“We see national security areas as extremely important. We believe that space is a frontier now that’s becoming incredibly important… who controls space and can secure space really is going to have an incredible economic advantage as well as a national security advantage.”
— Dave DeWalt [09:13]

4. Integrating Portfolio Companies for Cross-Domain Response

[12:26–15:12]

• Complementary Investments:
  • Capella Space (SAR Technology): Invested at similar timing to Hawkeye 360; specializes in synthetic aperture radar for imaging through clouds/night—pivotal for military conflicts. Later sold to IonQ, a quantum company.
  • Saronic (Maritime Drones): Develops maritime swarm drones capable of RF signaling and integration with space-based SIGINT for real-time maritime/space interplay.
• Synergy and “Tipping & Queuing”:
  • NightDragon’s vision is to have portfolio companies collaborate, creating a feedback loop between surveillance domains—space, maritime, air—for coordinated, tech-driven responses to threats.
  • Hawkeye 360 acts as a central node for signal processing and anomaly detection, enhancing cross-domain intelligence.

Quote:
“That’s really our NightDragon vision—what can we do to bring all our portfolio companies together, have them work together, really augmenting SIGINT platforms around the world and response in a way that enables the latest technology, cutting-edge technology, to really survive and thrive.”
— Dave DeWalt [14:49]

5. Space Cyber Threats & the Need for Built-In Security

[15:12–17:24]

• Evolving Threat Landscape:
  • Dave draws on two decades of cybersecurity leadership (FireEye, Mandiant, McAfee), charting cyber threats’ evolution from hacktivism to warfare.
• Unique Space Cyber Risks:
  • Highlights the urgent need for “security by design” at all stages of satellite and space platform development.
  • Warns of both “space-to-space” and “space-to-ground” hacking, emphasizing satellites’ potential as both threat vectors and targets.
  • Advocates for the integration of resilient hardware (“securing silicon to the satellite”) to prevent catastrophic breaches.

Quote:
“If we don’t think about silicon the satellite for security, bad things can happen… we’re now seeing a lot of capabilities from space as well to do hacking from space as well. So not only can they be hacked, they can hack.”
— Dave DeWalt [16:04]

6. Closing Reflections: 2026 as a “Crossing the Chasm” Year

[17:24–18:33]

• Looking Ahead: Dave reflects on the challenges and opportunities of the coming year, referencing the Chinese adage, “may we live in interesting times.”
• Call for Collaboration: Emphasizes the necessity of public-private partnerships, media engagement, and collective effort to secure the domain and deliver economic advantage worldwide.
• A Message for the Industry: Stresses vigilance, cooperation, and readiness for heightened threats in 2026 across political, military, and economic fronts.

Quote:
“It takes a village, right? We need public-private partnerships… everybody’s gotta work together if we’re gonna secure this domain and create economic advantages for everybody on the planet… I think 2026 is kind of a crossing the chasm year. And it’s a big year for space.”
— Dave DeWalt [17:40]

Notable Quotes & Timestamps

• “You can really see the company crossing the chasm… also, and maybe just as important, create a mission of securing our world.” — Dave DeWalt [04:37]
• “Hawkeye 360 specializes in low earth orbit SDR… this company has really created an unbelievable database of patterns of life recognition around ground-based RF emissions.” — Dave DeWalt [05:45]
• “Whoever controls space and can secure space really is going to have an incredible economic advantage as well as a national security advantage.” — Dave DeWalt [09:13]
• “The biggest killer application in space right now is communications. Next generation communication… and at the heart of communications is secure communications.” — Dave DeWalt [13:53]
• “If we don’t think about silicon the satellite for security, bad things can happen.” — Dave DeWalt [16:11]
• “It takes a village… everybody’s gotta work together if we’re gonna secure this domain and create economic advantages for everybody on the planet.” — Dave DeWalt [17:39]

Thematic Highlights

• Interdependency: NightDragon’s strategy revolves around cross-domain integration—recognizing that security in space, air, sea, land, and cyber are tightly linked.
• Technology as Peacekeeper: The best security tech not only generates returns but fulfills a mission to make the world safer.
• Security by Design: Both for satellites and for the commercial infrastructure that underpins the space industry, proactive cybersecurity is non-negotiable.
• Preparedness for the Future: 2026 is portrayed as a turning point; visionary investment and collaboration now will chart the course for geopolitical and economic advantage.

Timeline of Key Segments

• [01:21–02:57] – Introduction to SIGINT and NightDragon’s role in Series E funding
• [03:09–05:18] – NightDragon’s relationship with Hawkeye 360, leadership perspective
• [05:18–07:46] – Signal processing, AI, and advancement in pattern recognition
• [07:46–10:14] – NightDragon’s multi-domain investment strategy; importance of securing space
• [12:26–15:12] – Synergy among NightDragon portfolio companies (Capella Space, Saronic, Hawkeye 360)
• [15:12–17:24] – Space cybersecurity threats and priorities
• [17:24–18:33] – Reflections on 2026, calls for collaboration, closing remarks

This episode provides a compelling look at how strategic investment, technological innovation, and collaboration are converging to secure the expanding infrastructure of space—underscored by NightDragon’s unique vantage point at the intersection of technology, security, and public mission.