Allied Minds portfolio company BridgeSat raises $6m in financing

Allied Minds' portfolio company, BridgeSat, has completed a $6m Series A funding round, including participation from Space Angels, an early stage investment group comprising experts in the Space 2.0 field.

The fundraising was completed at a pre-money valuation of $15m, up from the previous valuation of $7m.

Allied Minds said the proceeds will be used to accelerate the three core elements of BridgeSat's solution: space terminal (the equipment fixed to customer satellites), ground stations (receiving the data from space) and network (transmitting the data to end customers via cloud based software).

Chief executive officer Jill Smith said: "We are excited by the rapid progress BridgeSat has made in advancing the key elements of its optical downlink network; a technology that has the potential to unlock significant benefits for the large and fast growing LEO data downlink market.

"The participation of Space Angels in this funding round is an important validation for the business, and is consistent with our objective to broaden Allied Minds' funding syndicate and secure investment from strategic and independent financial investors at an earlier stage in our subsidiaries' development."

At 0850 BST, the shares were down 1.6% to 146p.