Monday, July 22, 2024
HomeFunding Groton-based ThayerMahan Secures $20M in Series C Round Funding

[Funding alert] Groton-based ThayerMahan Secures $20M in Series C Round Funding

Groton-based ThayerMahan Secures $20M in Series C Round Funding. This round was led by Hanwha Asset Management.

Groton-based ThayerMahan Secures $20M in Series C Round Funding. This round was led by Hanwha Asset Management.

Existing investors, including MC2, AE Industrial, I Squared Capital, and Yellow Sub Funding participated pro rata in the round. The investment follows a $30 million Series C investment led by MC2 in April 2023.

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Founded in 2016, ThayerMahan provides maritime domain data solutions and related services for government and industry customers. The company leverages its expertise in underwater acoustics, artificial intelligence, remotely piloted systems, and maritime autonomy to deliver value to customers.

ThayerMahan products and services are used to detect marine mammals, mitigate offshore construction noise, and deliver a wide range of undersea detection and security services.

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A Hanwha Asset Management spokesperson said,”We are impressed by the ThayerMahan team’s vision, capabilities, and record of execution in commercial offshore energy services and maritime surveillance. The company is building and scaling valuable solutions for both markets and we are excited to partner with them to invest further in them to deepen their capabilities and expand into new, important geographic markets.”

Mike Connor, ThayerMahan Chairman and CEO said, “I am very excited by our new partnership with Hanwha Asset Management, a global leader in alternative energy and maritime services, We have a shared vision for how emerging acoustic and AI technologies can advance maritime commerce and the global Blue Economy. Hanwha’s industry expertise, market presence, and ambitious management team make the organization a great partner for ThayerMahan as it continues to develop its capabilities and expand operations to Asia. I want to thank our existing investors who participated in the round to maintain their pro rata ownership. Their continued partnership is critical to our success, and we look forward to creating more value together in the coming years.”

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.

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