Finance News

ThayerMahan Raises $30 Million in Series C Funding

ThayerMahan, a world leader in autonomous maritime surveillance solutions, closed $30 million in a Series C round, led by the MC2 Security Fund (MC2).

Other notable new investors in the round include I Squared Capital, Ducenta Squared Asset Management and Compass Partners (who also served as financial advisors to the Company), along with additional participation by existing investors AE Industrial Partners, Hegemon Capital, and an affiliate of RiverPark Ventures.

“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 industry 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 stack 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 effectively and efficiently monitor ocean activity 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 quickly 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 our 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.”

Offshore Source Logo

Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.

Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.

Corporate Offices

Technology Systems Corporation
8502 SW Kansas Ave
Stuart, FL 34997