Innovaero
(ASX:INN)
Founded in 2011, Innovaero is a CASA-Certified, world-class organisation that designs and manufactures complex aeronautical products and systems, with core competencies and capabilities across the aerospace and ISR (Intelligence, Surveillance and Reconnaissance) value chain. Innovaero has brought highly innovative leading-edge products to market in the geospatial aerial imaging, survey systems, and uncrewed aerial defence platform domains.
Innovaero has a proven track record of delivering innovative technologies and significant commercial outcomes both in Australia and internationally. It is a multi-disciplinary, multi-faceted organisation proud of its unique culture and talented and experienced people. Innovaero has been recognised by multiple industry awards over a 20+ year period.
x10 Partners' Role
x10 Partners assisted Innovaero in developing, evolving, and refining its business plan and strategy.
As a result, a functional corporate structure was instituted, and the company pivoted its business model from a projects-based business to a products business with an increased emphasis on defence applications and focus on uncrewed aerial vehicles.
Journey Timeline
During the decade prior to 2019, Innovaero was a profitable but low growth specialist designer and manufacturer of components for the aeronautical market. In May 2019 Innovaero engages x10 to assist it with strategies for identifying and creating enterprise value through leveraging existing core competencies to pivot into new markets including defence.
Acquisition of Cognetic Design Pty Ltd, specialists in the delivery of systems integration and consulting services for Airborne Intelligence Surveillance and Reconnaissance (ISR) programs.
Acquisition of 5D Systems to develop Intellectual Property and competencies in the design, operation, and support of Tactical Unmanned Aerial Systems (TUAS) targeted at Defence markets.
Innovaero completes a share placement raising $4.0m in equity capital.
Acquisition of Aviation Composites, a fully CASA Approved AMO (CASR – Part 145), providing Innovaero with the capability for rapid prototyping and manufacture of TUAS airframes. H1 also saw Innovaero demonstrate and flight test its Innovaero Fox TUAS.
Innovaero raises $6m funding via a Convertible Note and a further $2m via an equity placement having signed a Memorandum of Understanding with Insitu Pacific, a Boeing Company to collaborate on the development of TUAS platforms.
Innovaero forms Joint Venture with Ubotica, leaders in the deployment of advanced Artificial Intelligence in edge processing applications, to launch Osprai Edge Intelligence with the intention to offer rapid development and deployment of edge AI solutions for uncrewed aerospace platforms.
At the Australian International Airshow (a major Defence exhibition held biennially at Avalon Airport) Innovaero publicly launches OWL, its One-Way Loitering Munition (previously live demonstrated to Australian Defence Forces during 2022). Innovaero also announces with BAE Systems joint development of Strix, a hybrid tandem wing, multi domain and multi-role uncrewed aerial system.
Insitu Pacific (IPL) and Innovaero announce collaboration on an integrated solution for a long-range strike capability using uncrewed aircraft.
Innovaero forms an Australian-based Joint Venture with global defence conglomerate BAE Systems and migrates its business and operations into that entity.
For client BAE, Innovaero develops STRIX, a new, hybrid, tandem wing, multi-domain and multi-role uncrewed aerial system.
x10 Partners engaged by Aerovation Technology, the joint venture partner of Innovaero Holdings to lay the groundwork to acquire BAE shareholding in the JV.
Identify, attract and negotiate with investors to recapitalize Aerovation in preparation for the takeover of the JV
Work with legal team to progress acquisition negotiations.
Establish an acquisition team and lead strategic planning sessions.
Aerovation appoints Euroz-Hartleys to build book.
Capital raised. Acquisition completed.