Allied Minds PLC BridgeSat raises $6 million in Series A financing (2449E)
May 05 2017 - 2:00AM
UK Regulatory
TIDMALM
RNS Number : 2449E
Allied Minds PLC
05 May 2017
5 May 2017
Allied Minds' portfolio company BridgeSat raises $6 million in
Series A financing
Proceeds to fund accelerated build-out of network
Participation from Space Angels investor network
Pre-money valuation of $15m, up from $7m previously
Boston, MA (5 May 2017) - Allied Minds (LSE: ALM) today
announces that its portfolio company, BridgeSat, Inc. (BridgeSat),
has completed a $6 million Series A funding round, including
participation from Space Angels, an early stage investment group
comprising experts in the Space 2.0 field. The fundraise was
completed at a pre-money valuation of $15 million, up from the
previous valuation of $7 million.
BridgeSat is reinventing satellite communication with an
advanced optical communications network that delivers fast,
reliable and affordable data transmission to enable a new era of
applications and services. BridgeSat's network will enable low
earth orbit (LEO) satellite operators to transmit data at speeds of
up to 10 Gbps, a significant improvement over current radio
frequency (RF) data downlink technologies. BridgeSat estimates that
the addressable optical downlink market is $1.5 billion annually, a
sub-set of the $9.6 billion satellite network market, with LEO data
downlink forecasted to grow at 125% annually.
Proceeds from the fundraise will be used to accelerate the three
core elements of BridgeSat's solution: space terminal (the
equipment fixed to customer satellites), ground stations (receiving
the data from space) and network (transmitting the data to end
customers via cloud based software).
BridgeSat was formed in 2015 applying technology sourced from
Allied Minds partners: The Aerospace Corporation and Draper. The
first BridgeSat ground station is scheduled to be demonstrated in
late 2017 and BridgeSat has signed a commercial agreement securing
additional ground sites for its network. BridgeSat has commercial
agreements in place with satellite operators to utilize the
BridgeSat network and include BridgeSat space terminals on their
satellites.
Jill Smith, CEO of Allied Minds, commented "We are excited by
the rapid progress BridgeSat has made in advancing the key elements
of its optical downlink network; a technology that has the
potential to unlock significant benefits for the large and fast
growing LEO data downlink market. The participation of Space Angels
in this funding round is an important validation for the business,
and is consistent with our objective to broaden Allied Minds'
funding syndicate and secure investment from strategic and
independent financial investors at an earlier stage in our
subsidiaries' development. The BridgeSat fundraise follows the
successful Series A round for HawkEye 360 completed at the end of
2016, and underlines Allied Minds' growing expertise in the
satellite and data management verticals."
Matt Thoms, General Manager of BridgeSat commented "We are
thrilled to have completed BridgeSat's Series A funding round.
Proceeds will fuel the next stage of the company's development as
we look to demonstrate our first end to end optical downlink later
this year and accelerate our network build out into 2018."
For more information, please contact:
Allied Minds plc +1 617 419 1800
Joe Pignato, Chief Financial Officer www.alliedminds.com
Citigate Dewe Rogerson +44 20 7638 9571
Rob Newman/ Shabnam Bashir alliedminds@citigatedr.co.uk
Media - fama PR +1 617 986 5009
Ted Weismann alliedminds@famapr.com
About BridgeSat
BridgeSat has designed an optical connectivity system that aims
to improve the wireless transfer of data from satellites. The
system provides an alternative transmission mechanism that is
designed to be fast, secure and available at a low cost, while
meeting the constrained size, weight and power requirements
inherent with small satellite operations. More information can be
found at www.bridgesatinc.com.
About Allied Minds
Allied Minds is a US focused IP commercialisation company
focused on venture creation within the life science and technology
sectors. With extensive access to hundreds of university and
federal labs across the U.S., Allied Minds forms, funds, and
operates a portfolio of companies to generate long-term value for
its investors and stakeholders. Based in Boston, Allied Minds
supports its businesses with capital, central management, and
shared services. For more information, please visit
www.alliedminds.com.
Allied Minds Forward-Looking Statement
This press release contains statements that are or may be
forward-looking statements, including statements that relate to
Allied Minds' future prospects, developments and strategies. The
forward-looking statements are based on current expectations and
are subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from current expectations, including, but not limited
to, those risks and uncertainties described in the risk factors
included in Allied Minds' regulatory filings. These forward-looking
statements are based on assumptions regarding the present and
future business strategies of Allied Minds and the environment in
which it will operate in the future. Each forward-looking statement
speaks only as at the date of this press release. Except as
required by law, regulatory requirement, the Listing Rules and the
Disclosure Guidance and Transparency Rules, neither Allied Minds
nor any other party intends to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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