Unmanned aerial vehicle (UAV) developer Aeronautics Ltd. has raised $28 million in a financing round led by Viola Private Equity. Bank Hapoalim (TASE: POLI) investment arm Poalim Capital Markets - Investment Bank Ltd. invested $3 million in the round.
Last summer, Viola Private Equity, run by general partner Harel Beit-On, acquired 10% of Aeronautics for $20 million, reflecting a company value of $200 million. The investment was part of a $25 million financing round, in which the company's current investors also participated.
PCM direct investments managing director Eran Gersht said, "Aeronautics is one the global leaders in its field. It is growing rapidly, and we're sure that its management will use the proceeds to realize its strategic plan. It currently has a number of opportunities for expansion."
Yavne-based Aeronautics develops and manufactures UAVs for military and civilian aerial intelligence, surveillance and reconnaissance missions, and unmanned patrol boats. It also develops a range of C4I (command, control, communications, and intelligence) and network centric warfare systems.
Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2010
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