Bridgepoint invests in MyDefence
Bridgepoint has become the new majority shareholder of MyDefence, a provider of counter unmanned aerial systems, known as C-UAS or counter drone technology.
Image courtesy MyDefence
Bridgepoint will support MyDefence in its next stage of growth, including further investments in research and development as well as production expansion.
The partnership leverages Bridgepoint’s strong track record of supporting international expansion and growth in global technology and advanced industrial sectors. The investment was made via Bridgepoint Development Capital IV, BDC, a fund focused on investing in mid-market growth business across Europe.
MyDefence develops radio frequency-powered products to detect and defeat unmanned aerial systems, such as drones. The company’s products can be worn by personnel or mounted to vehicles and buildings and its technology is used to protect military or civilian critical infrastructure from the safety risks posed by hostile drones. The company has delivered 115% compound annual revenue growth over the last four years and its unique product offers an innovative solution in the $1.1 billion addressable market for drone countermeasure solutions.
Dan Hermansen, CEO at MyDefence said: "We are delighted to partner with the Bridgepoint team. Their extensive presence worldwide and their experience helping companies grow is valuable to us. Adding us to Bridgepoint's vast network not only gives us financial support but it also puts us on a path for faster development and innovation. C-UAS systems are among the most important next-generation defence technologies and MyDefence is at the forefront of all cutting-edge innovations required to meet the difficulties facing drone defence today."
With access to capital and strategic support from Bridgepoint, MyDefence is positioned to expand its reach globally and reinforce its position in the vanguard of C-UAS and other technologies with civil and defence applications. The partnership will enable MyDefence’s next phase of growth with a focus on the scaling of production, professionalisation and research and development.
Johan Gustafsson, Partner at BDC said: "We have built a very strong relationship with Dan and his team, whose wealth of experience bridges the defence and security arenas. With a suite of products at the forefront of technology, MyDefence enjoys an enviable position in the market, underpinned by a robust orderbook and pipeline with significant scale-up opportunities. We look forward to leveraging the complete breadth of capabilities across our international network to help realise this exciting next stage of MyDefence’s journey."
With a significant number of C-UAS systems supplied already, MyDefence has proven to be a dependable technology-provider in the defence industry. With the support of Bridgepoint, MyDefence is now ready to expand its technology offering, not only in defence but additionally in corporate, governmental and homeland security sectors. This reflects the growing demand for comprehensive security measures against hostile drone threats across a range of applications, including the protection of critical infrastructure, including utilities like gas and electricity, public venues like stadia and event spaces and high-security institutions such as prisons.