![Luna Secures $50 Million Strategic Investment from White Hat Capital Partners. an investment firm focused on sustainable value creation in technology companies serving mission-critical applications.](https://startuprise.io/wp-content/uploads/2023/12/Luna-Secures-50-Million-Strategic-Investment-from-White-Hat-Capital-Partners.webp)
Luna Secures $50 Million Strategic Investment from White Hat Capital Partners. an investment firm focused on sustainable value creation in technology companies serving mission-critical applications.
Proceeds from this strategic investment were partially used to fund the acquisition of Silixa, also announced today, and related transaction costs in the aggregate amount of approximately $25 million.
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Remaining proceeds were used to repay the Companyās outstanding $17 million term loan with PNC Bank and strengthen the Companyās balance sheet.
In conjunction with the strategic investment, David Chanley joined Lunaās Board of Directors. Mr. Chanley is a Co-Founder and Managing Partner of White Hat and has more than 20 years of experience in the technology sector. With this addition, Lunaās Board expanded to eight members.
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Scott Graeff, President and Chief Executive Officer of Luna said, āWe are thrilled to welcome White Hat as a new partner, David and his team bring years of experience advising and supporting technology companies, particularly in the optics and test & measurement industries. When I first met them, I was struck by how well they understood both our industry and our technologies. Their investment is not only a vote of confidence in the acquisition of Silixa, but also a strong endorsement of our strategic vision and market opportunities.ā
David Chanley, Managing Partner at White Hat Capital Partners said, āWhite Hat is excited to partner with the Luna management team to support the Company in its next stage of growth, Our thorough evaluation highlighted the quality and depth of Lunaās management team and the promising addition of the talented team from Silixa. With additional scale and financial flexibility, Luna is uniquely positioned as the largest pure-play company to address the rising demand for fiber optic sensing solutions in its key end markets. These include pivotal roles in energy transition initiatives like carbon capture and storage (CCS) and electric vehicle (EV) adoption, as well as critical structural health monitoring and specialized aerospace & defense applications. We are eager to partner with Luna as the company accelerates its mission of enabling the future with fiber.ā
About Luna
Luna Innovations Incorporated is a leader in optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for a multitude of industries. Lunaās business model is designed to accelerate the process of bringing new and innovative technologies to market.
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