Allied Minds - FW accelerates Microsoft and AWS partnerships

Federated Wireless has completed a $13.7m Series C extension round to accelerate expansion of its connectivity-as-a-service partnership with Microsoft Azure and Amazon Web Services, first announced in February 2020. Pennant Investors, an existing investor, and Allied Minds each invested $6.85m to accelerate the roll-out of the leading private 4G/5G wireless cloud solution as well as to enable expansion of the spectrum controller for private wireless networks into the 6GHz band for 5G services. This extends the total Series C raise to $65m. Following the investment, Allied Minds owns 36.6% of Federated Wireless on a fully diluted basis (43.1% undiluted). We calculate Allied Minds’ holding in Federated Wireless alone to be worth 26.3p (fully diluted) versus the closing share price on 21 April 2020 of 26.4p.