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Allied Minds' portfolio company BridgeSat raises $6m

05 May 2017 07:40

Allied Minds portfolio company BridgeSat has completed a $6m series A funding round, including participation from Space Angels, an early stage investment group comprising experts in the Space 2.0 field.

Allied Minds said the fundraise was completed at a pre-money valuation of $15m, up from the previous valuation of $7m.

It said proceeds would 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).

Allied Minds chief executive Jill Smith said: "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."

Story provided by StockMarketWire.com

Related Company: ALM

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