Multi-million pound fundraise for Horizon Technologies to launch innovative tech into space
Horizon Technologies has received a multi-million-pound growth investment to launch Amber™, its innovative maritime domain awareness technology into space as part of its global roll-out of a new unique space-based vessel tracking and monitoring service.
The finance package, which comprises both private equity and venture debt funding, has been secured by Alexander Duffy and the corporate finance team at accountancy firm, Menzies LLP.
Maven Capital Partners invested a significant amount in growth equity into the aerospace company while Virgin Money provided a growth debt facility.
Horizon Technologies is an expert in the development of airborne Sat Phone monitoring systems for use in Intelligence, Surveillance, and Reconnaissance (ISR) applications. In April 2019, the company secured the backing of Innovate UK and the Satellite Applications Catapult (SAC) to adapt and expand on its existing FlyingFishTM signals intelligence (SIGINT) system for a 6U CubeSat platform.
Amber™ will offer commercial SIGINT as a service (SAAS) for maritime vessel tracking.
With a plan in place to launch its technology into space in late summer with future launches funded for 2022, Horizon Technologies already has the support of commercial companies, multiple government agencies and other government-backed bodies, including the UK Ministry of Defence and the National Maritime Information Centre (NMIC) in Portsmouth, UK.
Alexander Duffy, Corporate Finance Director at Menzies LLP and lead adviser to Horizon Technologies in securing the funding package, said: “When I met John Beckner, CEO at Horizon Technologies, I knew his organization was clearly a front runner in the market. Its cutting-edge technology, once adapted for a space-based platform, would generate strong international market demand. We have been thrilled to help Horizon Technologies articulate their proposition and story in the most compelling way possible, backed up by robust financial forecasts and advising how to structure a funding package to suit the company’s entrepreneurial ambitions.
“John and the Horizon Technologies team have paved the way for a platform that provides something new to the market; commercial SIGINT as a Service (SaaS) as part of its standard Data as a Service (DaaS) business model. This data will be hugely valuable for many organizations worldwide.”
John Beckner, CEO at Horizon Technologies, said: “This capital funding will enable us to launch our application-ready technology into space via numerous satellites to deliver an ultra-reliable maritime domain awareness data service. We are already talking to potential users of these new services in the media, shipping, finance, and defence industries. Alex and his team have been great to work with and enabled us to be in the position where we can really take full advantage of our first-to-market technology. ”