Allied Minds unit raises $11m

Allied Minds subsidiary HawkEye 360, a developer of a space-based radio frequency (RF) mapping and analytics system, has raised $11.0 million in new equity investments in a Series A preferred financing led by Razor’s Edge Ventures, with additional participation by Allied Minds and a defence market leader.

HawkEye 360 also intends to issue up to an additional $2.75 million in Series A preferred shares to new and existing shareholders within 60 days, resulting in a total expected financing of up to $13.75 million.

The funds will be used to complete the development and manufacturing of the HawkEye 360 Pathfinder Cluster of three small satellites, which is scheduled for launch and testing in late 2017, as well as grow the company’s engineering and business development teams.

Story provided by StockMarketWire.com

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