Allied Minds PLC HawkEye 360 raises $9.6m in Series A-3 financing (5378X)
13 August 2018 - 4:00PM
UK Regulatory
TIDMALM
RNS Number : 5378X
Allied Minds PLC
13 August 2018
HawkEye 360 raises $9.6 million in a Series A-3 financing
including Razor's Edge Ventures, a U.S. Aerospace and Defense
Company, Allied Minds and Shield Capital
Boston, MA, 13 August 2018 - Allied Minds portfolio company,
HawkEye 360, has announced it has raised proceeds of $9.6 million
in the first closing of a Series A-3 financing round ("the
transaction"). The round included Razor's Edge Ventures, a U.S.
Aerospace and Defense Company and Allied Minds, as well as Shield
Capital. Additional investors are expected to subscribe further
capital to a second closing of the transaction to be concluded in
due course.
Proceeds from the transaction will be applied to fund the
development, build and launch costs of the company's first
commercial satellite cluster and for general commercial
purposes.
John Serafini, CEO of HawkEye 360, commented "We are pleased to
have secured additional capital commitments to fund our first
commercial cluster. This cluster will augment our PathFinder
Cluster scheduled for launch later this year. The successful
fundraise attests to the substantial development and operational
progress made at HawkEye 360 towards our goal to become the global
leader in space-based, precision RF signals detection, geolocation
and analytics services. We have completed the build and pre-launch
testing of our PathFinder Cluster and have built a significant
order backlog. We also have several agreements with customers for
beta testing of our first Maritime Domain Awareness product. We
look forward to the launch of our PathFinder Cluster later this
year and to commencing commercial operations in 2019."
Jill Smith, CEO of Allied Minds, commented "We are pleased that
HawkEye 360 has attracted additional capital from high grade
strategic investors. We look forward to the PathFinder Cluster
launch and to HawkEye 360 delivering on its considerable commercial
potential."
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 data analytics company seeking to commercialise
the capability to detect, independently geo-locate and analyse
diverse RF signals from space. Using proprietary algorithms,
HawkEye 360 aims to combine RF signals detection with other forms
of geospatial information to produce contextually relevant
analytics and reports for government and commercial end market
applications. HawkEye 360 plans to operate clusters of 3 low earth
orbit (LEO) small satellites flying in formation to provide
independent data streams that can be used to accurately geo-locate
diverse RF signals. Potential applications include emergency
response support (search and rescue), transportation and logistics
tracking, spectrum interference and coverage mapping, support for
global health and humanitarian initiatives such as identification
of illegal fishing and human trafficking, and support of national
and global security activities.
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 fund-raise
The transaction was completed at a pre-money valuation of $75.0
million, (or $84.6 million post-money based on the first closing).
Allied Minds contributed $2.94 million to the transaction and its
outstanding equity interest in HawkEye 360 following completion of
the first closing of the transaction is 50.79%.
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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