Advance buys majority stake in HawkEye 360

Herndon, VA-based HawkEye 360 Inc., the first commercial company to use formation flying satellites to create a new class of radio frequency (RF) data analytics, announced on November 8 that Advance has become the company’s largest shareholder after successfully purchasing Allied Minds’ minority stake. Additionally, Advance has committed to investing $15 million of primary capital into HawkEye 360’s previously announced Series B funding, subject to regulatory approval, and will replace Allied Minds on the company’s board of directors.

“This shift from Allied Minds to Advance reaffirms our heritage as an American owned, operated, and headquartered corporation, which we know to be essential for leadership in the emerging RF sensing market,” said John Serafini, chief executive officer, HawkEye 360. “Allied Minds was a critical, early institutional investor for HawkEye 360 and we’re proud to have delivered an excellent return to them.”

HawkEye 360 was founded as one of Allied Minds’ portfolio companies in 2015. On Nov. 6, 2019, Allied Minds’ shareholders voted in favor of selling its shares in HawkEye 360 to Advance. The transaction, which closed November 8, represents the first significant exit for an institutional investor within the new space industry in the last five years.

Source: HawkEye 360