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ThayerMahan raises $30 million in Series C Funding
GROTON, Conn., April 13, 2023 – ThayerMahan, a world leader in autonomous maritime surveillance solutions, closed $30 million in a Series C round, led by the MC2 Security Fund (MC2). Other notable new investors in the round include I Squared Capital, Ducenta Squared Asset Management and Compass Partners (who also served as financial advisors to the Company), along with additional participation by existing investors AE Industrial Partners, Hegemon Capital, and an affiliate of RiverPark Ventures.
“ThayerMahan has demonstrated strong capabilities for both naval defense and commercial offshore energy use cases. This 'dual use' market approach provides strong diversification of revenue streams and helps to mitigate risk,” said Chad Sweet, MC2 partner, who was recently appointed to the Company's Board. “This investment round will accelerate ThayerMahan's growth and further advance its high-performing AI-and autonomy-related technology which is proving to be critical to the success of both the commercial and federal maritime missions.”
Founded in 2016, ThayerMahan provides maritime domain data solutions serving industry sectors including maritime security, defense and intelligence, subsea infrastructure, offshore energy, living marine resources, and acoustic sciences. The Company delivers data insights to its customers by deploying and operating a portfolio of unmanned autonomous sea-based systems. Its proprietary AI technology stack collects and curatesdata sets - analyzing and accelerating the speed of data comprehension. ThayerMahan has a deep bench of collective acoustics expertise, including over 75 employees with security clearances. The government has issued ThayerMahan eight patents and seven more are pending.
ThayerMahan Chairman and Chief Executive Officer Mike Connor noted, “From the outset, we've focused on improving the United States' ability to effectively and efficiently monitor ocean activity using autonomous systems to protect and defend our people, territories, assets, and allies. We've attracted a passionate team of mission-driven professionals.
This round enables us to quickly spur our development and deployment of unique technology, which is receiving strong demand from both our government and commercial customers. We look forward to advancing our growth through the expertise and relationships from MC2 and our new investors in this round,” Connor said.
I also want to thank an affiliate of RiverPark Ventures and Hegemon Capital, the lead investors in our A and B rounds respectively, who embraced our vision and supported us as we made this game changing technology a reality. We look forward to creating even more value for all our investors with this significant new infusion of capital.”
About ThayerMahan
ThayerMahan, Inc. is a maritime technology company dedicated to providing its government and commercial clients with turn-key autonomous marine solutions, including deployment, operations, data gathering and analysis services, using state-of-the-art acoustic and electronic sensors integrated on a variety of host platforms tailored to specific mission criteria. The Company is headquartered in Groton, CT with additional locations in Lexington, MA; Boston and Washington DC. For more information, please contact info@thayermahan.com.
About MC2
The MC2 Security Fund (https://www.chertoffgroup.com/growth-equity) is a growth equity fund founded by the executive leadership team of The Chertoff Group. MC2 makes private equity investments in high growth companies supporting enduring, mission-critical security requirements within the security and risk management industry. Investment sectors include Cybersecurity, Defense Technology, Government Services, and Homeland Security.
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager with over $36 billion in assets under management focusing on utilities, digital infrastructure, energy, transport, environmental infrastructure and social infrastructure in North America, Europe, Latin America and Asia. Founded in 2012, the firm has offices in Miami, London, New Delhi, Hong Kong, Singapore, Taipei and Sydney.
About Ducenta Squared
Ducenta Squared is a minority owned SEC registered global asset manager with legacy roots stemming from 1984. Ducentaclients range from private/public institutional investors to high net worth private wealth investors. The firm draws on the team's extensive experience in various asset classes in private and public markets to deliver innovative client centric solutions while adapting to changing client needs and shifting global dynamics and risks.
About Compass Partners
Compass Partners Capital (www.compasspartners.com) is a private investment firm focused on helping companies seize 21st century opportunities. Compass invests in high-priority aerospace, defense, and industrial platforms to create value for investors through active management. The Compass team's multi-disciplinary backgrounds of deep investment and industry experience complement a core ethos centered on trust and collaboration, passion for excellence, and an enduring belief in humility and adaptability. As patriotic investors, Compass partners with owners, investors, and management teams to drive growth, enhance profitability, and strengthen U.S. national security.