Aspen Avionics closes $12.8 million equity financing
Company adds two new board members and secures extra finance to support products and emerging technologies.
Aspen Avionics announced the closing of a $12.8 million round of equity financing to support product and emerging technologies development.
All of Aspen’s previous investors, including Granite Ventures, Sun Mountain Capital, Signal Peak Ventures, EPIC Ventures, Fort Washington Capital Partners and New Mexico Community Capital participated in the round.
In addition, an investment group led by Dr John B “Jack” Mowell, also injected additional growth capital into the company. Jack Mowell and Captain Joseph D Burns will join Aspen’s board.
“These new investment dollars will assure that we can continue our growth as a major player in our industry,” said Aspen’s president and CEO John Uczekaj.
Uczekaj continued “Aspen is thrilled to welcome Dr Mowell and Captain Burns to our board of directors. Their in-depth experience in the aviation industry and regulatory agencies, combined with their visionary business acumen, make them a perfect fit for Aspen’s senior advisory team. Jack’s and Joe’s input will be invaluable to Aspen’s future growth initiatives.”
Mowell was most recently executive director & chairman of the Board of EMS Technologies, a leading, worldwide provider of communications products, services and solutions that served highly classified military, mobile and airborne wireless markets. Mowell has a BS in Economics from the University of Pennsylvania, is a graduate of the Wharton School of Commerce and Finance, and has an Honorary Doctorate in Aviation from Rocky Mountain College.
Captain Joseph D Burns is the managing director of Technology and Flight Test at United Airlines, where he has been employed since 1992. Burns currently serves on the Executive Advisory Board for Position, Navigation, and Time (GPS), the FAA’s NextGen Advisory Council Subcommittee, and the Advisory Board for the National Center for Atmospheric Research.
“Joe Burns and I recognised early on that Aspen has all the ingredients necessary to become a successful company in the general aviation arena…energy, innovation, solid management, and a passionate commitment to achieve,” said Mowell.
Mowell concluded “We further recognise that a healthy infusion of capital would assure the financial integrity required to implement a strategic development plan, which we believe will make Aspen a prominent factor in the global avionics market.”
