IP Group investee AccelerComm raises $15 million in funding round
IP Group PLC on Monday said investee AccelerComm has secured $15 million through a round of funding.
IP Group is a London-based active investor in early stage science companies. AccelerComm is a provider of high-performance 5G technology for satellite networks.
The funding round was led by IP Group and comprised £3.0 million from its balance sheet, plus £4.5 million from its Parkwalk and Hostplus managed funds. IP Group now has a 26.6% stake in AccelerComm, with a further 21.2% held via its managed fund.
The round was also supported by IQ Capital, Swisscom Ventures’ digital transformation fund, and Bloc Ventures.
Proceeds from the investment will support AccelerComm’s ongoing implementations with mobile operator and satellite network customers and partners, such as Lockheed Martin.
AccelerComm also announced its appointment of David Helfgott as chief executive officer. Helfgott is a senior exexutive with more than 20 years of leadership experience across wireless and satellite communications markets, and was most recently CEO at inflight communications firm SmartSky Networks.
‘Having supported AccelerComm since inception, we’re delighted to see the company attract an experienced CEO and close a new funding round, supported by additional blue-chip investors,’ said Lee Thornton, Deeptech Partner at IP Group.
‘AccelerComm has one of the world’s leading technologies for fast and efficient communications in the nascent low-earth-orbit satellite market. The company is well-positioned for growth, with a market that is projected to be worth $100 billion within a decade, and we look forward to future progress.’
Shares in IP Group were down 0.3% at 44.50 pence each in London on Monday morning. The stock is down 18% over the past year.
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