At the end of 2025, we completed the exit from TerraEye, a Polish deep-tech startup developing satellite-based AI solutions for critical minerals exploration.
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The company has been acquired by International Resource Holding, a global mining investment group based in the United Arab Emirates.

The transaction allowed TerraEye’s early investors to exit with a profit while enabling the company to accelerate its global growth and product development under the new strategic owner.
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The exit increased the fund's DPI to 0,24x, generating a 20.08% IRR, placing it in the top quartile globally for that vintage's realized performance.

From satellite data to mineral discoveries‍

Founded by Marek Wilgucki, Oskar Fryckowski, and Miłosz Małachowski, TerraEye developed a technology that combines satellite imagery with machine learning to detect critical minerals. As the energy transition advances and geopolitical competition for resources intensifies, the ability to locate deposits of copper, nickel or other strategic materials faster and more efficiently becomes increasingly valuable.

The company built a platform that combines satellite imagery from multiple constellations with machine-learning models that identify geological signals associated with mineral deposits and recognize patterns associated with geological formations. Instead of providing raw data, the system generates exploration targets, narrowing vast territories into specific areas for field teams to focus their work.

The founder managed to develop this technology with a fraction of the capital raised by global competitors. While some companies in this segment raised tens of millions of dollars. Unlike many competitors that provide only raw satellite imagery, TerraEye delivers actionable insights indicating specific areas where rare-earth minerals are likely to be found.

For an investor, this combination of technical ambition, capital efficiency, and global market relevance is exactly the kind of opportunity worth backing.

Working with the founder through the difficult phase

Every venture investment eventually faces a moment when the original plan stops working.

In TerraEye's case, the company entered a period that required stabilizing operations, simplifying the structure, and refocusing the business on the areas where the technology delivered the most value.

This is where venture capital stops being about capital and becomes about hands-on governance and partnership with the founder.

In TerraEye, we focused on three priorities: stabilizing the company, sharpening the commercial direction, and rebuilding credibility with partners and potential investors. The process was demanding, but it ultimately allowed the company to regain momentum and return to growth. TerraEye continued to expand its global client base, working with exploration companies and large mining groups while developing its AI-driven exploration platform.

The strategic exit

The next step in the company's development came with the acquisition by International Resource Holding, a group based in Abu Dhabi with a strong position in global resource markets.

Beyond identifying the right acquirer, structuring the transaction, and negotiating, ensuring the deal terms reflected both the value the technology had built and the conditions needed for TerraEye to continue scaling under new ownership. Marek and the team did that well.

For TerraEye, the transaction created the conditions needed to scale its technology globally and accelerate the development of a fully automated mineral exploration platform. For investors, it provided a full exit and liquidity.

For Marek, it opened a new phase in which the company can operate with a strategic partner that understands the industry and the technology's long-term potential.

"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.

Founding a spacetech company is rarely a straight line to success. When we reached the inevitable 'difficult phase' that tests every venture, our investors leaned in rather than pulling back. Their support in refocusing our business model and supporting with additional resources allowed us to maintain our capital-efficient edge while scaling our AI capabilities. This partnership turned a moment of uncertainty into a world-class strategic exit, positioning us perfectly for our next chapter with International Resource Holding. - Marek Wilgucki, CEO TerraEye"

Marek remains involved in the company and continues to drive the technology forward together with the new owner.

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