Mynaric, one of the largest players in laser communications for aircraft, high-altitude platforms and satellites, announces the securing of €11 million in post-IPO financing.
The financing comes from an institutional investor who is also the main investor in a satellite constellation that plans to use the Munich-based company's laser communication products.
Published in October 2018 Mynaric a letter of intent regarding the satellite constellation, which is expected to require more than 1,000 laser communication terminals after an initial demonstration mission.
"We are pleased to announce this financing, which not only demonstrates the attractiveness of Mynaric to investors with considerable industry expertise, but also highlights the importance of Mynaric products to the satellite constellation we are working with. Obtaining this financing at a significant premium over the market price, and from the lead investor of one of our most important customers, underscores the special role Mynaric products play—both for our customers and for the future of laser communications in aerospace."
says board member Wolfram Peschko.
Goal: Expand product portfolio
The funds will be used to accelerate the start of series production and expand the company's product portfolio. The Munich-based startup began series production of optical ground stations in the second half of 2018 and now expects the same for its air terminals in the second half of 2019.
Strong momentum at Mynaric
Mynaric has been listed in the Scale segment of the Frankfurt Stock Exchange since autumn 2017 and has so far received a total of 50 million euros in growth capital.
The investor's decision comes just days after SpaceX veteran Bulent Altan joined the board.
"The financing announced today demonstrates the strong momentum at Mynaric as we enter this new phase of our company. I am delighted to be joining Mynaric at this important stage as we pursue our shared goal of becoming the global market leader in laser communication products for aerospace."
so Bulent Altan, Board Member of Mynaric
