Allied Minds PLC Orbital Sidekick Closes $16m Series A Financing (2180V)
April 13 2021 - 1:00AM
UK Regulatory
TIDMALM
RNS Number : 2180V
Allied Minds PLC
13 April 2021
13 April 2021
Allied Minds
Orbital Sidekick Closes $16 million Series A Financing
Allied Minds plc (LSE: ALM), the IP commercialisation company
focused on early stage company development within the technology
sector, is pleased to announce that its portfolio company, Orbital
Sidekick, Inc. ("OSK") has completed the closing of its $16 million
Series A funding round led by Temasek, an investment company
headquartered in Singapore, with participation from Energy
Innovation Capital, Syndicate 708, and existing investors Allied
Minds and 11.2 Capital.
OSK will use proceeds from the financing to expand its
innovative product updates, new strategic partnerships, and
introduce its advanced monitoring technology to new industries.
In response to the Energy sector's demand for better leak
monitoring, OSK has developed various external partnerships to
execute pilot flights, most notably with global energy leader
Phillips 66 (P66) and the iPIPE consortium of operators which
includes premier natural gas pipeline transporters Energy Transfer
and TC Energy, among others. OSK is transitioning to and expanding
satellite operations within these partnerships in 2021 with a path
towards full commercialisation next year. OSK is also launching its
Global Hyperspectral Observation Satellite constellation, known as
GHOSt, on multiple SpaceX Falcon 9 missions beginning in Q1
2022.
Looking to broaden its commercial capabilities beyond the energy
sector, in 2021 OSK is exploring new markets to use its technology
to help solve pressing global challenges. One such capability is
regional fire risk detection in response to a proliferation of
forest fires across the globe during the past year. The company is
also employing its analytics platform for global emissions
monitoring and mineral detection. OSK has doubled its team to date
and will continue to hire through 2021 and into 2022 to further
expand its analytics, software engineering, and product development
teams. This new talent will further OSK's core capabilities while
also supporting these expanded offerings.
For more information, please contact:
Allied Minds plc c/o Instinctif Partners
Harry Rein
Instinctif alliedminds@instinctif.com
Tim Linacre / Rozi Morris / Hannah
Campbell
About Allied Minds
Allied Minds plc is an IP commercialisation company focused on
early stage company development within the technology sector. With
origination relationships that span US federal laboratories,
universities, and leading US corporations, Allied Minds
historically created, and now 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 .
About Orbital Sidekick
Orbital Sidekick's proprietary analytics platform and
hyperspectral payload architecture provide persistent space-based
monitoring solutions powered by Spectral Intelligence(TM) . This
unique radiometric speciation and change detection capability
enables unparalleled target monitoring services for both commercial
and defense users on a global scale. For more information on
Orbital Sidekick's global persistent monitoring services, please
visit www.orbitalsidekick.com .
Further information about the Series A financing
The transaction was completed at a pre-money valuation of $30.0
million, up from the post-money valuation of $11.7 million. Allied
Minds invested an aggregate of $2.5 million in the financing
(inclusive of $1.5 million through the conversion of its simple
agreement for equity (SAFE)). Following the closing, Allied Minds'
ownership of issued share capital is 26.52% and fully-diluted
ownership is 24.11%.
Allied Minds Forward--Looking Statement
This press release contains statements that are or may be
forward--looking statements, including statements that relate to
Allied Minds' 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 risks and uncertainties described in the risk factors
included in Allied Minds' regulatory filings. These
forward--looking statements are based on assumptions regarding the
present and future business strategies of Allied Minds 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
Listing Rules and the Disclosure Guidance and Transparency Rules,
neither Allied Minds 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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