GROTON, Conn., April 18, 2023 – ThayerMahan, a world leader in autonomous maritime surveillance solutions, completed $30 million in Series C funding, led by the MC2 Security Fund (MC2). New investors in the round also include I Squared Capital, Ducenta Squared Asset Management, and Compass Partners (who also serves as an advisor to the Company). Existing investors AE Industrial Partners, Hegemon Capital, and an affiliate of RiverPark Ventures also participated.
“ThayerMahan has demonstrated strong capabilities for both naval defense and commercial offshore energy use cases. This ‘dual use’ market approach provides strong diversification of revenue streams and helps to mitigate risk,” said Chad Sweet, MC2 partner, who was recently appointed to the Company’s Board. “This investment round will accelerate ThayerMahan’s growth and further advance its high performing AI-and autonomy-related technology, which is proving to be critical to the success of both the commercial and federal maritime missions.”
Founded in 2016, ThayerMahan provides maritime domain data solutions serving industrial sectors including maritime security, defense and intelligence, subsea infrastructure, offshore energy, living marine resources, and acoustic sciences. The Company delivers data insights to its customers by deploying and operating a portfolio of unmanned autonomous sea-based systems. Its proprietary AI technology collects and curates data sets – analyzing and accelerating the speed of data comprehension. ThayerMahan has a deep bench of collective acoustics expertise, including over 75 employees with security clearances. The government has issued ThayerMahan eight patents, and seven more are pending.
ThayerMahan Chairman and Chief Executive Officer Mike Connor noted, “From the outset, we’ve focused on improving the United States’ ability to monitor ocean activity effectively and efficiently using autonomous systems to protect and defend our people, territories, assets and allies. We’ve attracted a passionate team of mission-driven professionals.”
“This round enables us to spur our development and deployment of unique technology, which is receiving strong demand from both our government and commercial customers. We look forward to advancing growth through the expertise and relationships from MC2 and our new investors in this round,” Connor said. “I also want to thank an affiliate of RiverPark Ventures and Hegemon Capital, the lead investors in our A and B rounds respectively, who embraced our vision and supported us as we made this game changing technology a reality. We look forward to creating even more value for all our investors with this significant new infusion of capital.”
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. The Company is headquartered in Groton, CT with additional locations in Lexington, MA; Boston and Washington DC. For more information, please contact firstname.lastname@example.org.
The MC2 Security Fund is a growth equity fund founded by the executive leadership team of The Chertoff Group. MC2 makes private equity investments in high growth companies supporting enduring, mission-critical security requirements within the security and risk management industry. Investment sectors include Cybersecurity, Defense Technology, Government Services, and Homeland Security.
About I Squared Capital
I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecom and transport in the Americas, Europe and Asia.
About Compass Partners
Compass Partners Capital (www.compasspartners.com) is a private investment firm focused on helping companies seize 21st century opportunities. Compass invests in high-priority aerospace, defense, and industrial platforms to create value for investors through active management.