A provider of advanced communications technology which aids soldiers on the battlefield will this week announce a $44m (£33m) fundraising led by an investor which counts the former defence secretary, Ben Wallace, as its newest recruit.
Sky News has learnt that ALL.SPACE, a global communications provider, will unveil the significant capital injection on Thursday as it progresses plans for the commercial launch of a new satellite terminal.
The funding round is being led by Boka Group, a defence-focused investment firm which this week appointed Mr Wallace as a partner.
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A number of other blue-chip investors, including the listed fund Seraphim Space, AE Ventures and Promus Ventures, also participated.
ALL.SPACE, which employs close to 170 people, uses proprietary technology to eliminate the interruptions to communications which can occur during complex civilian and military operations.
The company describes itself as providing “advanced simultaneous multi-orbit, multi-network connectivity solutions designed to provide seamless, high-speed communications across air, land, sea, and space”.
More from BusinessIt says its applications are especially important in industries including defence, aerospace, and government operations “that require reliable and resilient communication in remote or dynamic environments”.
ALL.SPACE counts the UK government’s Future Fund and the Boeing HorizonX Ventures vehicle among its existing investors.
AdvertisementThe fundraising takes the total sum invested in ALL.SPACE since its launch to $160m (£120m), having raised a $14m (£10.5m) Series A round in 2019.
Paul McCarter, ALL.SPACE’s chief executive, said: “This investment…is a validation of ALL.SPACE’s vision and the progress we’ve made in transforming global communications.“All of our investors’ confidence reflects the critical role our technology plays in addressing the growing demand for resilient and seamless connectivity across defence and space industries.
“We are laser-focused on executing our strategy and delivering the cutting-edge solutions our partners and customers rely on, ensuring critical communications in the most challenging environments.”
Boka’s role as the lead investor in the round has been made more notable by its recruitment of Mr Wallace.
The former defence secretary told the Financial Times on Wednesday that his role was “not about lobbying the government for defence contracts”.
“Sadly, I know what works,” he told the newspaper.
“I know the trends that are coming out of Ukraine.”
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John James, managing partner of Boka Group, said: “Innovations in communication technologies within industries like defence and aerospace do more than just transmit information more efficiently; they are crucial for mission success, enhancing operational effectiveness, and ultimately safeguarding lives through seamless connectivity.
“ALL.SPACE has consistently demonstrated its leadership in this sector, with the potential to transform global networks.
“Our investment underscores our confidence in their vision to redefine global communication and our confidence in their leadership to bring cutting-edge solutions to the forefront of the market.”