6th Aug 2019 09:33
(Alliance News) - Allied Minds PLC on Tuesday said its portfolio company HawkEye 360 Inc announced a USD70 million series B financing.
Apart from Allied Minds, existing investors Razor's Edge Ventures and Shield Capital Partners, as well as additional undisclosed parties participated in the round. New investors were aerospace firm Airbus SE and mapping software company Esri.
Upon successful completion of this financing round, Allied Minds said HawkEye 360 will have raised over USD100 million in funding since being founded in 2015.
The company, which invests in the technology sector, said HawkEye 360 intends to use the funds to launch the commercial satellite constellation and develop its line of radio frequency analytic products by 2021.
Currently, HawkEye 360 is delivering products to customers using its first cluster of three formation flying satellites and fabricating a second satellite cluster for launch in early 2020.
The USD70 million financing supports development and launch of four additional clusters, Allied Minds said, forming a fully operational constellation of eighteen satellites with rapid global revisit.
"This transaction demonstrates Allied Minds' ability to bring in additional top tier strategic investors and commercial partners into its co-investor syndicate," said Allied Minds Co-Chief Executives Joe Pignato and Mike Turner.
"Receiving an investment of this size, especially for a pioneering space start-up, reaffirms the value investors place on the advanced capabilities of our satellites and the highly innovative radio frequency data analytic products we are delivering to customers," said John Serafini, chief executive of HawkEye 360.
Allied Minds shares were trading 4.6% higher on Tuesday in London at 63.80 pence each.