Allied Minds has backed a series B round for its portfolio company BridgeSat, which also welcomed Boeing HorizonX Ventures as an investor.
BridgeSat, a US-based satellite communication technology developer, raised $10m in a series B round yesterday backed by commercialisation firm Allied Minds.
Boeing HorizonX Ventures, a corporate venturing division of aerospace and defence company Boeing, led the round.
Founded in 2015, BridgeSat is building a global communications network which uses optical ground stations that can transmit large amounts of data to low Earth orbit and geostationary satellites.
The technology enables secure transmissions between satellites, spacecraft, high-altitude aircraft and drones. The money will allow BridgeSat to accelerate the development of its network.
BridgeSat previously obtained $6m in series A funding in May 2017 from investors including investment group Space Angels, though other backers were not named.
In March 2018, BridgeSat signed a partnership agreement with space agency Nasa to develop a commercialised free space optical communication system that could support future space missions. Nasa will help BridgeSat refine its technology and comply with US regulations.
BridgeSat is based on research undertaken at US federally funded research centre Aerospace Corporation and research organisation Draper Laboratory, spun out of Massachusetts Institute of Technology (MIT).
The company was co-founded by Allied Minds and has optioned intellectual property from MIT as part of an agreement that named Kerri Cahoy, assistant professor of aeronautics and astronautics at the institute, a senior adviser.
