Groton, USA-based world leader in autonomous maritime surveillance solutions, ThayerMahan closed USD 20 million in follow-on Series C funding. The company announced the closure on January 9, 2023. Hanwha Asset Management led the financing for the company. Meanwhile, existing investors, including MC2 Security Fund, AE Industrial Partners, I Squared Capital, and Yellow Sub Funding participated pro rata in the round.
Earlier the company raised USD 30 million in Series C in April 2023. MC2 Security Fund led the financing back then.
Purpose of financing for ThayerMahan
With the latest financing, ThayerMahan seeks to expand operations and its business reach.
What the officials of ThayerMahan have to comment
Mike Connor, ThayerMahan Chairman and CEO, further said, “I am very excited by our new partnership with Hanwha Asset Management, a global leader in alternative energy and maritime services. We have a shared vision for how emerging acoustic and AI technologies can advance maritime commerce and the global Blue Economy. Hanwha’s industry expertise, market presence, and ambitious management team make the organization a great partner for ThayerMahan as it continues to develop its capabilities and expand operations to Asia. I want to thank our existing investors who participated in the round to maintain their pro rata ownership. Their continued partnership is critical to our success, and we look forward to creating more value together in the coming years.”
What the investors have to comment
A Hanwha Asset Management spokesperson said “We are impressed by the ThayerMahan team’s vision, capabilities, and record of execution in commercial offshore energy services and maritime surveillance. The company is building and scaling valuable solutions for both markets and we are excited to partner with them to invest further in them to deepen their capabilities and expand into new, important geographic markets.”
Hanwha Asset Management is a leading global company. The company has extensive expertise and experience in the shipbuilding and offshore industry. It further boasts the world’s most competitive LNG carriers built with eco-friendly and highly efficient technology. The company is a pioneer in new businesses since 1973, producing a vast range of vessels, including commercial ships, drill ships, and speciality ships.
About the company
John Kao and Mike Connor launched the company in 2016. ThayerMahan, Inc. is a maritime technology company. It provides government and commercial clients with turn-key autonomous marine solutions, including deployment, operations, data gathering and analysis services. The company leverages state-of-the-art acoustic and electronic sensors integrated into a variety of host platforms tailored to specific mission criteria.
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