Led · Equity · Jan 2023

Altitude Angel, founded in 2014 by CEO Richard Parker, develops UTM software to enable safe integration of crewed and uncrewed aircraft. Its core product, ARROW, is a tower-network UTM platform designed to support long-distance automated drone flights. ARROW underpins Project Skyway, a 165-mile drone corridor across Reading, Oxford, Milton Keynes, Cambridge, Coventry and Rugby, and the company powers UTM/U-Space solutions for ANSPs and aviation authorities including LVNL and Avinor. The company plans to roll out ARROW to support commercial and retail use cases such as drone deliveries, infrastructure inspections, emergency search-and-rescue, and agricultural and architectural applications. Altitude Angel says collaboration with BT Group will accelerate deployment by providing connection and network infrastructure, commercial assistance, and distribution, and BT will take a seat on the company's board. The article cites a market projection of £45B by 2030 for the broader market the company targets. Altitude Angel Limited announced it received $9.8 million in funding from Seraphim Capital, Accelerated Digital Ventures Limited, Frequentis AG and Octopus Ventures Ltd. The transaction closed on December 25, 2020. The company amended the terms of the transaction and completed a final closing in which it raised $5.3 million led by new investor Octopus Ventures Ltd. In total the round amounted to $9.8 million. Zoë Chambers of Octopus Ventures will join Altitude Angel's board of directors. Altitude Angel is an aviation technology company founded in December 2014 in Reading, UK, that builds global-scale solutions for integrating autonomous drones into airspace. Its core product is the GuardianUTM cloud platform supporting both U-Space and Unmanned Aircraft Traffic Management (UTM), delivering services to drone operators, manufacturers and software developers. The platform also provides digital communications services to aviation stakeholders, national drone registration solutions and integrated identification services for protected airspace management with governments, regulatory bodies and ANSPs. The company’s geospatial database covers more than 80 countries. Altitude Angel raised USD $4.5m in Series A funding led by Seraphim Space Fund, with participation from Accelerated Digital Ventures and Frequentis AG. It intends to use the funds to expand GuardianUTM into new territories and grow its on-the-ground commercial and engineering presence with new offices in Europe and North America.

Led · Equity · Jul 2021

SAFE builds an Agentic AI‑native Cyber Risk Singularity platform that delivers autonomous cyber risk management across CRQ, TPRM, and CTEM. The company positions its platform as transparent and context‑aware versus traditional black‑box approaches, and it recently unveiled a fully autonomous CTEM solution powered by dozens of autonomous AI agents. SAFE says it redefined CRQ and was the first to deliver fully autonomous TPRM; since launching TPRM in 2024, over 50% of its customers have adopted that module. Forrester named SAFE the leader in its Cyber Risk Quantification Solutions Wave of Q2 2025. SAFE reports consistent 120%+ year‑over‑year growth since launching its platform in 2020 and triple‑digit revenue growth for three consecutive years. The company counts Google, Fidelity, T‑Mobile, Chevron, and IHG among customers and has raised more than $170 million to date. Safe Security offers an AI-based cyber risk management SaaS platform that provides an aggregated view of enterprise cyber risk. The platform gives cybersecurity teams visibility across their entire attack surface, technology, people, and third parties, enabling organizations to take a predictive posture on likely cyber risk scenarios. Using predictive AI-driven data models co-developed with MIT, Safe Security helps customers prioritize cyber investments to mitigate risk. Led by CEO Saket Modi, the company intends to use the new funding to expand operations and broaden its business reach. Financially, Safe Security raised $50M in a Series B that brought total capital raised to over $100M. The company is based in Palo Alto, California. Safe Security, founded in 2012, provides the SAFE security assessment framework to help organizations measure and mitigate enterprise-wide cyber risk. The SAFE platform estimates the likelihood of major cyberattacks, calculates a financial cost for customer risks, and delivers actionable remediation guidance. Its service is used by companies including Facebook, Softbank and Xiaomi. The company secured a $33M investment from U.K. telco BT, bringing total capital raised to $49.2M. As part of the deal BT will combine SAFE with its managed security services, gain exclusive rights to use and sell SAFE to U.K. businesses and public-sector bodies, and collaborate on future product development. Safe Security plans to double its engineering team by the end of the year.

Participated · Series C · Apr 2008

Fon operates a global, crowdsourced WiFi network and reports more than 14 million hotspots in over 200 countries. Founded in February 2006 by serial entrepreneur Martin Varsavsky, who serves as CEO, the company partners with major telecoms including BT, Deutsche Telekom, KPN, Proximus, MTC, MWEB, Oi, SoftBank and Telstra. Fon maintains offices in Madrid, London, Tokyo and New York. The company positions itself as a global WiFi leader and is pursuing a global growth strategy. Its recent financing activity includes a growth capital loan intended to support that expansion. Fon builds a global crowdsourced WiFi network by enabling people to share part of their private broadband via devices like the Fonera router. It is developing a "social" Fonera integrated with Facebook that will let friends and retail customers access WiFi via likes/check-ins, and a separate shop-focused Fonera for stores. Qualcomm has entered a strategic relationship to integrate Fon into Atheros chipsets and the Atheros SDK so third parties can include Fon access. Fon reported just over 12 million hotspots worldwide, grew 50% that year, and claims about 10% penetration in markets like Belgium and the UK, with a target of 35 million hotspots by 2016. The company pursues carrier partnerships (for example BT in the UK) and is talking to U.S. carriers to expand into the U.S. and target business/enterprise users. Fon has raised nearly $72 million since being founded in 2006. Fon sells consumer WiFi routers that enable homeowners to share bandwidth as publicly accessible hotspots. The company positions that network to serve growing demand for mobile WiFi from smartphone and tablet users. The new financing is intended to support expansion in the US and other markets. Fon was founded in 2006 by serial entrepreneur Martin Varsavsky. Prior to this round the company had raised over €40M in earlier financings. The product and expansion focus aim to capitalize on increasing mobile data demand. Fon deploys consumer WiFi routers (Foneras) that let users share bandwidth with other "Foneros" for free roaming access or charge guests and retain 50% of fees. The company reports about 170,000 active routers worldwide, with leading markets in the UK, Japan, France, Germany, and the U.S.; the UK alone has more than 70,000 BTFon members. Fon partners with telecom operators (notably British Telecom and Neuf) to enable roaming broadband offers and is preparing a launch in Russia with telco Sistema. Product plans include a Fonera 2.0 router (with a USB port for media sharing) due in June and an 802.11n router slated for December. Financially, this latest infusion is part of a multi-round raise that has taken the company’s total funding to more than $50 million. The company intends to use the new cash to fund the Russia launch and the new router rollouts. FON sells a €34.44 ($48.70) WiFi router and its core product is a community WiFi model where customers who share their home connection gain access to other members' hotspots. The company claims roughly 500,000 members but reports about 190,000 active hotspots, suggesting not all members host a hotspot. FON’s distribution strategy relies on carrier and location partnerships to expand coverage; it has signed deals with chains, ISPs and operators such as Neuf Cegetel and Time Warner. The company is pursuing wider UK reach through a deal with BT, which has more than 3 million broadband customers and will invite them to join FON’s service. The announcement indicates a revenue-sharing arrangement with BT, though the terms were not disclosed, and questions remain about how FON will monetize the free router distribution. FON faces competition from mobile broadband providers and emerging technologies like WiMax that could limit demand for shared WiFi.