Davis-based wave-amplifier communications technology company Elve Inc. has raised $15 million from investors for its technology for space communications.
Elve is a manufacturer of high-efficiency lightweight millimeter-wave power amplifiers, primarily for supplying connectivity for space applications, said spokesman Colin Ullyott.
“Closing this funding round represents another significant milestone in our journey, and it will enable us to continue our mission of expanding access to fiber-like wireless connectivity,” said Elve CEO Diana Gamzina, in a news release.
The company said it will use the money to grow its customer base in the space connectivity market and to increase manufacturing capabilities.
The investors in this round include TomEnterprise Private AB, a Sweden-based family office private investment vehicle; San Francisco-based boutique private equity investment firm Green Sands Equity; Palo Alto private equity and venture capital firm Yu Galaxy, San Francisco-based investment firm Cambium Capital; and Lockheed Martin Ventures, the investment arm of Maryland-based Lockheed Martin Corp. (NYSE: LMT).
Started in June 2022, Elve manufactures its vacuum electronics in Davis. Its amplifiers allow for enhanced connectivity with satellite networks and they can create long-distance ground-to-ground links.
Gamzina also currently works as a staff scientist at the SLAC National Accelerator Laboratory in Menlo Park, according to her LinkedIn profile, and she previously worked at the University of California Davis, where she earned her bachelor's, master's and doctorate degrees in mechanical and aerospace engineering.
“We invested in Elve because their product is a step change from the current state of the art, and has the potential to radically enhance speed and accessibility of connectivity,” said Thomas von Koch, one of the founders of private equity firm EQT AB and owner of TomEnterprise Private AB, in a news release.
“Lockheed Martin Ventures invests in companies that offer leading-edge capabilities that can transform how we do business,” said Chris Moran, general manager of Lockheed Martin Ventures, in a news release.
