11th Aug 2021 12:07
(Alliance News) - Allied Minds PLC on Wednesday said it seen "excellent progress" at its portfolio companies, in a first-half update.
Federated Wireless Inc won a multi-million-dollar 5G contract with the US Department of Defense, Orbital Sidekick launched a hyperspectral imaging satellite, and BrideComm Inc started sales of its Optical Inter-Satellite Link terminals, Allied Minds said.
Shares were up 9.8% to 21.41 pence in London on Wednesday morning, but remain down 34% in the year to date. Allied Minds is a Boston, Massachussetts-based intellectual property commercialisation company, investing in technology startups.
The company had USD17.8 million in cash on June 30, down 28% from USD24.6 million on December 31.
"Across the portfolio as a whole the board are increasingly confident of delivering venture capital-like returns upon exit if the portfolio companies continue to meet ther planned technical and commercial goals," the firm said.
Allied Minds plans to publish results for the first half of 2021 in mid-September.
By Ivan Edwards; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
ALM.L