Allied Minds PLC HawkEye 360 completes second Series A-3 funding (2320A)
September 10 2018 - 2:00AM
UK Regulatory
TIDMALM
RNS Number : 2320A
Allied Minds PLC
10 September 2018
HawkEye 360 completes second closing of its Series A-3 funding
round raising aggregate proceeds of $14.9 million
Boston, MA, 10 September 2018 - Allied Minds portfolio company,
HawkEye 360, has announced it has completed its Series A-3 funding
round (the transaction), raising an additional $5.3 million in a
second closing, giving a total of $14.9 million in aggregate
combined with the $9.6 million proceeds from the first closing
announced in August. Led by Raytheon Company, the Series A-3 round
included participation from the Sumitomo Corporation of Americas,
Razor's Edge Ventures, Shield Capital Partners, Space Angels, and
Allied Minds.
"This second closing further illustrates the strong demand we've
experienced from investors to our Series A-3 round fundraising,"
said John Serafini, Chief Executive Officer, HawkEye 360. "We are
honored to be backed by a diverse group of premier investors, such
as Raytheon Company and Sumitomo Corporation of Americas. Investors
recognize the valuable insights that HawkEye 360's advanced
analytics will bring to our government and commercial
customers."
HawkEye 360 is the first commercial company using formation
flying small satellites to create a new class of radio frequency
(RF) geoanalytics. The company is expecting its Pathfinder
experimental satellites to launch later this year and begin
collecting precision RF emissions data for applications such as
Maritime Domain Awareness and Spectrum Mapping and Monitoring. The
funds from the A-3 round will allow HawkEye 360 to accelerate
development of the company's first commercial cluster with the next
launch of satellites anticipated in 2019.
"We are very excited to work with HawkEye 360, as they establish
this new class of RF termed 'geoanalytics' using data gathered from
their small flying satellites. HawkEye 360's service is backed by
their innovative technology and we see this investment as a way to
contribute to their expansion plans to provide value-added service
to customers of not only aerospace industries, but also other
potential industries globally," said Kenichi Hyuga, SVP and GM,
Construction and Transportation Systems Group, Sumitomo Corporation
of Americas.
ENDS
For more information contact:
Allied Minds plc +1 617 419 1800
ir@alliedminds.com
FTI Consulting +44 20 3727 1000
Ben Atwell / Brett Pollard
About HawkEye 360
HawkEye 360 is a Radio Frequency (RF) data analytics company.
HawkEye 360 is developing the first of its kind commercial
satellite constellation to identify, geolocate, and process a broad
set of RF signals. The company uses this unique data set and suite
of proprietary processing and machine learning tools to create
powerful data analytic products that solve hard challenges for
global customers. The products include maritime domain awareness
and spectrum mapping and monitoring designed to serve a wide range
of commercial, government and international customers.
About Allied Minds
Allied Minds plc (Allied Minds or the Company or the Group) is
an IP commercialisation company focused on early stage company
creation and development within the technology and life science
sectors. With origination relationships spanning US federal
laboratories, universities, and leading US corporations, Allied
Minds sources, operates and funds a portfolio of companies to
generate long-term value for its investors and stakeholders. Based
in Boston, Allied Minds supports its businesses with capital,
management, expertise and shared services. For more information,
please visit www.alliedminds.com
Further information on the transaction
The transaction was completed at a pre-money valuation of $75.0
million, (or $89.9 million post-money based on the second closing).
Allied Minds contributed a total of $3.8 million to the transaction
and its outstanding equity interest in HawkEye 360 following
completion of the transaction is 48.35%.
Allied Minds Forward-Looking Statement
This press release contains statements that are or may be
forward-looking statements, including statements that relate to the
company's 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 risk and uncertainties described in the risk factors
included in the company's regulatory filings. These forward-looking
statements are based on assumptions regarding the present and
future business strategies of the company 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 Prospectus Rules, the
Listing Rules and the Disclosure and Transparency Rules, neither
the company nor any other party intends to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
###
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END
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