Greencoat Capital leads £6.75m round for Aveillant
Greencoat Capital has led a £6.75m funding round for UK-based radar technology developer Aveillant.
Greencoat invested in Aveillant from its ESB Novusmodus cleantech fund and was joined by existing investors DFJ Esprit and Cambridge Consultants. Furthermore, Aviation Investment Fund Company Ltd (AIFCL) will convert its loans to Aveillant into equity.
Aveillant, which was first backed in October 2011, will use the funding to bring its proprietary 3D Holographic Radar product to market.
Company
Founded in 2011 following its spin-off from Cambridge Consultants, Aveillant has developed a radar data services technology called 3D Holographic Radar. The technology recognises the presence and position of aircrafts in the vicinity of wind turbines and presents a solution to wind turbine clutter.
3D Holographic Radar was trialed at Cambridge Airport. Aveillant charges a service fee for its product and installs it for free, eliminating capital expenditure costs for airports.
People
Richard Nourse is managing partner at Greencoat.
Advisers
Equity – RSM Tenon (Financial due diligence, tax).
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