Horizon Technologies has received a significant growth investment in a multi-million-pound Series A round of financing. This Series A investment will aggressively advance Horizon Technologies’ space-based Maritime Domain Awareness (MDA) Amber data service.
Maven Capital Partners led the latest investment round with participation from Virgin Money. New funding will accelerate the company’s launch of further Amber cubesats in 2022, augment sales and marketing efforts, and supplement staffing. The company also will be better positioned to broaden and fund product development across both its Horizon Aerospace and Horizon Space business segments.
The finance package was secured by Alexander Duffy and the corporate finance team at accountancy firm, Menzies LLP. International law firm, Jones Day, acted as legal advisers to Horizon Technologies’ management team, and assisted Menzies LLP in structuring the funding package.
The Series A financing builds on an exceptional year for Horizon Technologies which saw unparalleled financial growth in new orders, an ever-increasing roster of clients, key executive appointments, and market momentum in its two business areas: systems for airborne intelligence collection, and space-based geospatial data collection.
Ongoing conversations to potential end-users of these new services in the media, shipping, finance, insurance & trading markets outside our traditional defence/aerospace national customers confirm, that there is a genuine appetite in enhancing existing vessel tracking services traditionally based on AIS. Having the financial support and expertise of Maven Capital Partners will help us execute our vision even more rapidly and broadly—and with the benefit of experience, perspective and relationships of a leading tech investor.”
Horizon Technologies’ FlyingFish SIGINT system is flying on many ISR aircraft around the world from NATO and non-NATO Allied countries. The Horizon Aerospace business segment which produces and supports FlyingFish will be announcing a new product (BlackFish) later this year and is coming off its best financial year ever… this Series A investment will primarily go into the Horizon Space segment, with its transformational Amber MDA data as a service business.
Maven’s Investment Director, Luke Mathews, who will join Horizon Technologies Board of Directors, said, “We are excited to support Horizon Technologies as the Amber program progresses to this next, exciting stage. John and his team of aerospace industry heavyweights have done a remarkable job in developing the business to this point, and we are delighted to find a local company with truly global opportunities ahead of it.”
Ylan Lamour, Associate Director, Growth Finance at Virgin Money, added, “Under the guidance of a well-established and respected management team, Horizon Technologies has consistently pioneered the growth of the Signals Intelligence market and is now well-positioned to take the next step in its growth path. The team at Virgin Money is delighted to have collaborated with Maven to create a tailored package of support which will allow Horizon Technologies to continue to innovate and grow its business.”
“Today, we’re just scratching the surface of how space-based RF data can be used especially when it’s combined with other sensors such as imagery, and presented to customers as an integrated data product,” said Horizon Technologies Chief Executive Officer John Beckner. “This capital funding will build off of the tremendous support provided to us by the UK Government/Innovate UK, and enable us to leverage off the launch of Amber-1 later this year and launch additional satellites in 2022. This will put us on the path to eventually deliver a near real-time non-cooperative maritime domain awareness intelligence and analysis service to our customers.”