ThayerMahan Raised $20 Million Follow-On Funding Led by Hanwha Asset Management

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Maritime technology company ThayerMahan has successfully raised an additional $20 million in follow-on funding in its Series C round, with Hanwha Asset Management leading the investment. The funding round also saw participation from existing investors, including MC2 Security Fund, AE Industrial Partners, I Squared Capital, and Yellow Sub Funding. This follows a $30 million Series C investment led by MC2 Security Fund in April 2023.

ThayerMahan, founded in 2016, specializes in autonomous maritime surveillance solutions, leveraging expertise in underwater acoustics, artificial intelligence, remotely piloted systems, and maritime autonomy. The company provides maritime domain data solutions and services to government and industry customers, offering detection capabilities for marine mammals, noise mitigation for offshore construction, and various undersea detection and security services.

The latest funding will enable ThayerMahan to deepen its capabilities, expand into new geographic markets, and further advance its acoustic and AI technologies. The partnership with Hanwha Asset Management, a global leader in alternative energy and maritime services, is expected to support ThayerMahan in its mission to advance maritime commerce and contribute to the global Blue Economy.

ThayerMahan’s Chairman and CEO, Mike Connor, expressed excitement about the partnership with Hanwha Asset Management, emphasizing the shared vision for leveraging emerging technologies in maritime applications. The company aims to use the funding to continue developing its capabilities and expand operations, particularly in the Asian market. Existing investors’ participation in the round reflects continued support for ThayerMahan’s growth and success.

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