Allied Minds PLC BridgeSat raises $10.0 million Series B financing (2318A)
10 September 2018 - 4:00PM
UK Regulatory
TIDMALM
RNS Number : 2318A
Allied Minds PLC
10 September 2018
BridgeSat raises $10.0 million in Series B financing led by
Boeing HorizonX Ventures
Boston, MA, 10 September 2018 - Allied Minds portfolio company,
BridgeSat, Inc (BridgeSat), has announced it has raised proceeds of
$10.0 million in a Series B financing round led by Boeing Company
(Boeing) via its Boeing HorizonX Ventures arm (the
transaction).
Proceeds from the transaction will be applied to accelerate the
build out of BridgeSat's optical ground station (OGS) network.
The investment by Boeing HorizonX Ventures signals a broader
relationship between the two companies under which Boeing will
connect BridgeSat with Boeing experts, testing labs and other
valuable resources to help scale BridgeSat's business.
"This investment will help us continue to lead the digital
transition in satellites with technology that provides
next-generation capabilities for our customers," said Brian
Schettler, managing director of Boeing HorizonX Ventures. "Enabling
BridgeSat to scale their operations accelerates secure, reliable
optical satellite communications around the world."
"As we grow our OGS into a global network, this investment will
help us meet the need for secure delivery of big data from LEO and
GEO satellites at faster speeds, and a lower cost than traditional
radio frequency solutions," said Barry Matsumori, BridgeSat
CEO.
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
Further information on the fund-raise
The transaction was completed at a pre-money valuation
representing a modest uplift to the post money valuation following
the Series A round. Allied Minds contributed $5 million to the
transaction and its outstanding equity interest in BridgeSat
following completion is 81.3%.
About BridgeSat
BridgeSat was formed in 2015 to address cost, bandwidth, and
infrastructure limitations in space-based optical communications.
It is developing a global network of optical ground stations to
transmit large amounts of data to and from space quickly and
reliably. Its stations support low Earth orbit (LEO) and
geostationary (GEO) satellite optical communications, enabling
secure high-data transmissions from and between satellites, space
crafts, unmanned aerial vehicles, and high-altitude platforms. The
company supports regulatory standards for the satellite community,
and recently announced an industry-first agreement with NASA to
develop a commercialized free-space optical communication system
that could support the agency's future missions.
About Boeing HorizonX
Boeing HorizonX is an organizational unit of Boeing, focused on
executing investments to help scale startup innovation in
aerospace. Its portfolio is made up of companies specializing in
autonomous systems, additive manufacturing, energy and data
storage, advanced materials, augmented reality systems and
software, machine learning, hybrid-electric and hypersonic
propulsion, and Internet of Things connectivity.
About Boeing
Boeing is the world's largest aerospace company and leading
manufacturer of commercial jetliners and defense, space and
security systems. A top U.S. exporter, the company supports
airlines and U.S. and allied government customers in more than 150
countries.
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
Allied Minds Forward-Looking Statement
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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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