4th Sep 2019 10:02
(Alliance News) - Allied Minds PLC on Wednesday said portfolio company Federated Wireless has raised USD51 million in a series C financing.
Shares in technology commercialisation firm Allied Minds were down 3.2% at 57.40 pence in London in morning trade.
The funding round included Pennant Investors and SBA Communications as new investors, plus American Tower, GIC, and Allied Minds. Allied did not indicate the quantity of its investment in the funding round.
Federated Wireless, a citizen band radio service firm, will use the money to increase availability and adoption of shared spectrum citizen band radio services by cable companies, wireless carriers, and utility firms.
The technology is also planned to be adopted by companies looking to "augment existing and next-generation 5G wireless services and private LTE".
Allied Minds Co-Chief Executives Joe Pignato and Mike Turner said: "This latest round of fundraising by Federated Wireless underpins the potential of the Allied Minds portfolio and our strategy of developing early stage [intellectual property] to achieve commercialisation.
"Participation in this round by new investors, both strategic and financial, demonstrates widespread recognition of Federated Wireless' potential to deliver growth and value as a leader in the development of [citizen band radio services]."
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