Aspen Avionics Closes on $12.8M Round of New Venture Support
Albuquerque’s Aspen Avionics has closed on a $12.8 million round of equity funding to support continued product and emerging technologies development.
Previous investors — Granite Ventures, Sun Mountain Capital, Signal Peak Ventures, EPIC Ventures, Fort Washington Capital Partners and New Mexico Community Capital — participated in the round, as did an investment group led by John B. “Jack” Mowell.
Aspen announced that Mowell and Joseph D. Burn will join the company’s board to provide aerospace expertise.
“These new investment dollars will ensure that we can continue our growth as a major player in our industry,” Aspen President and CEO John Uczekaj said in a release, calling Mowell’s and Burns’ experience a “perfect fit for Aspen’s senior advisory team.”
Founded in 2004, Aspen offers advance avionics systems that can be retrofitted to more than 900 makes and models of general aviation aircraft. The company, which employs about 70 people, reported revenues of $11.44 million in 2011.
According to the company release, Mowell most recently was executive director and chairman of the board for EMS Technologies, which provides communications projects, services and solutions that serve highly classified military, mobile and airborne wireless markets. He was senior leader at EMS from its 1978 startup until its acquisition by Honeywell in 2011.
Burns is managing director of technology and flight test at United Airlines, where he has been employed since 1992. He serves on the executive advisory board for position, navigation and time (GPS), the FAA’s NextGen Advisory Council subcommittee and advisory board for the National Center for Atmospheric Research.
— This article appeared on page B1 of the Albuquerque Journal