The commercialisation firm remains content with its position despite revenues drying up following its big exit from Virginia Tech's HawkEye 360 last year.

Commercialisation firm Allied Minds suffered a £14.8m ($18.3m) pre-tax loss in the half-year ending June 30, erasing the $12m profit it generated in the same period last year, Alliance News reported yesterday.

Revenues at the company almost evaporated from $9.3m in the first half of 2019 to $140,000. However, Allied Minds stressed this was due to an exit from Virginia Tech satellite data collection spinout HawkEye 360 in late 2019.

Allied Minds believes its portfolio has made progress commercially and claims the impact of covid-19 has been manageable without detriment to the operations of its businesses.

The firm is content with its current position having issued a return to its shareholders with HawkEye360’s disposal and directed fundraisings for multiple portfolio companies.

Highlights over the half-year included a $1m strategic debt financing by Boeing HorizonX, the corporate venturing division of aerospace technology supplier Boeing, in its optical wireless communications portfolio company BridgeComm.