Frank Backes Succeeds Payam Banazadeh at Capella Space

On October 17th, Capella Space announced that Payam Banazadeh, the co-founder of the synthetic aperture radar (SAR) imaging company, would step down as CEO, effective October 23rd, but would remain on the company’s board of directors. His successor will be Frank Backes, who is currently a senior vice president at Kratos Defense and Security Solutions.

In a statement, Banazadeh explained that this leadership change is part of their strategy to broaden the company’s offerings in high-resolution SAR imagery following the launch of a series of SAR satellites. He expressed confidence in Backes, stating that he is a proven leader with a diverse background in both software and hardware, with experience in national security and commercial markets. Banazadeh believes Backes is well-equipped to accelerate the company’s growth and explore new opportunities.

While the statement suggests that Capella aims to expand its customer base for both government and commercial users, the focus appears to be on government markets, particularly in national security and intelligence. Backes’ background in federal space and commercial cyber operations, especially in government and defense markets, is highlighted.

In the statement, Backes expressed gratitude to Banazadeh for his strategic guidance and looked forward to working with him and the Capella Space team to achieve new heights.

Capella Space has raised $250 million in venture capital to date, with a $60 million round announced in January. The company has launched 12 satellites, though the most recent, the second in the new Acadia line of spacecraft, was lost in an Electron launch failure on September 19th.

According to Banazadeh, the company plans to launch additional Acadia satellites in the coming quarters, contingent on when Rocket Lab returns its Electron rocket to flight. Some of these satellites will operate in mid-inclination orbits, offering new capabilities and collection opportunities for customers.

The statement mentions that Capella’s revenue has grown by over 180% annually since commencing commercial operations in 2021, although specific revenue figures are not disclosed. Capella is one of the seven companies selected by NASA for its Commercial Smallsat Data Acquisition Program on October 2nd, making it eligible to compete for task orders worth up to $476 million over five years.

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