Federated Wireless $42m fundraise
StockMarketWire.com - Allied Minds' majority held Federated Wireless has raised $42.0m through a series B funding round led by new investors and key members of the shared spectrum ecosystem: Charter Communications, American Tower and ARRIS International and by GIC, Singapore's sovereign wealth fund.
The balance of the raise was subscribed principally by Allied Minds and Woodford Investment Management.
Federated Wireless also announced today the industry's first commercially available Spectrum Controller for use in extensive pilot field trials and commercial deployments with lead customers, in advance of FCC certification expected in Q1 2018.
Allied Minds chief executive Jill Smith said: "We are absolutely thrilled that Federated Wireless has secured investment and validation from top tier strategic partners who are critical to the roll-out and uptake of the spectrum sharing model."
Allied Minds contributed $9.0 million for the purchase of 5,821,520 series B preferred shares.
The transaction was completed at a pre-money valuation of $79.5 million, (or $121.5 million post-money).
Allied Minds' outstanding equity interest in Federated Wireless following completion of the transaction is 52.26%.
At 9:22am: (LON:ALM) Allied Minds PLC share price was +17.75p at 166.5p
Story provided by StockMarketWire.com