Allied Minds' HawkEye raises $11m in financing

23rd Nov 2016 08:06

(ShareCast News) - Allied Minds' subsidiary HawkEye 360 has raised $11m in new equity investment in a series A financing.The funds will be used to complete the development and manufacturing of the HawkEye 360 Pathfinder Cluster of three small satellites, which is due to launch and test late next year, and to grow the company's engineering and business development teams.Chief executive officer Chris Silva said: "Since HawkEye 360 was formed in September 2015, the company has been making strides towards bringing its capabilities to market."We are confident that the ability to visualise information in radio frequency signals and provide it globally will drive the next wave of growth in the commercial Earth observation market. This successful financing validates HawkEye 360's business model and will enable it to accelerate its path to commercialisation. It is also a strong example of how the Allied Minds model is evolving, as we begin to increase the proportion of funding in our subsidiaries from syndicates of sophisticated third-party investors."Also on Wednesday, Allied announced the appointment of John Serafini as full-time chief executive officer of HawkEye.Serafini previously served as a senior vice president at Allied Minds, where he led the formation of and investment into HawkEye 360, as well as other Allied Minds companies such as BridgeSat, Federated Wireless, Optio Labs, Whitewood Encryption and Percipient Networks.At 0810 GMT, Allied Minds shares were up 0.1% to 364.96p.