On January 9, 2024, 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, AE Industrial, 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 in April 2023. Wilson Sonsini Goodrich & Rosati advised ThayerMahan on the transaction.

"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."

The Wilson Sonsini team that advised ThayerMahan on the transaction included Mark Fitzgerald, Stephen Heifetz, Leah Hengemuhle, Tamara Labanowski, Andrew Savage, and Daniel Jordan.

For more information, please see ThayerMahan's press release.