ThayerMahan raises $20 million of additional Series C Funding

GROTON, Conn., Jan. 9, 2024 /PRNewswire/ -- ThayerMahan, a world leader in autonomous maritime surveillance solutions, closed $20 million in follow-on Series C funding led by Hanwha Asset Management. Existing investors, including MC2 Security Fund, AE Industrial Partners, 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 Security Fund in April 2023.

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. After three years of rapid sales growth, the company is an emerging leader in offshore energy support services and national security applications.

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."

"I am very excited by our new partnership with Hanwha Asset Management, a global leader in alternative energy and maritime services," said Mike Connor, ThayerMahan Chairman and CEO. "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. The Company is headquartered in Groton, CT with additional locations in Lexington and New Bedford, MA, Norfolk, Virginia Beach, and Arlington, VA. For more information, please visit www.thayermahan.com or contact directly at [email protected].

About Hanwha Asset Management

Hanwha Asset Management is a leading global company with extensive expertise and experience in the shipbuilding and offshore industry. Boasting the world's most competitive LNG carriers built with eco-friendly and highly efficient technology, the company has continuously pioneered new businesses since 1973, producing a vast range of vessels, including commercial ships, drill ships, and specialty ships. Hanwha Asset Management will be at the forefront of pioneering advanced marine solutions for decarbonization and further expand Hanwha's green energy ecosystem to create positive, sustainable change throughout the world.

Media Contact: Dr Kevin Lopes
Director, Strategy & Marketing
120B Leonard Drive
Groton, CT 06340
860-937-6499
www.thayermahan.com

SOURCE ThayerMahan