Latest news with #Espeland
Broadcast Pro
21-07-2025
- Business
- Broadcast Pro
Quadsat secures $5.8m Series A extension
This new funding will accelerate Quadsats expansion into the defence sector, enabling the company to scale its technology and operations in response to growing demand for battlefield intelligence and electronic warfare capabilities. Quadsat, a provider of precise spectrum intelligence and RF geolocation solutions for satcoms and defence, has announced a $5.8m extension to its Series A round, led by Join Capital and North Ventures, alongside existing investors Seraphim Space, Export and Investment Fund of Denmark (EIFO), Helge Munk Holding and TPC Management. This investment enables Quadsat to accelerate its expansion into the rapidly evolving defence sector, enhancing capabilities critical for modern battlefield intelligence and electronic warfare. Quadsats technology, which is platform agnostic, addresses critical defence challenges, including the precise detection and location of RF signals, interference and jamming. These capabilities are increasingly vital for military operations across air, land, sea, cyber and space domains, known in the defence sector as Multi- Domain Operations. Joakim Espeland, President and Co-Founder of Quadsat, said: Electronic warfare isnt just critical; its an existential necessity in modern defense. This round is about doubling down. Weve spent the last year deeply embedded in defense needs, refining a technology that pinpoints threats, like the interference of military installations, which is an absolute game-changer in the field. The global electronic warfare market, driven by increasing geopolitical tensions and rapid technological advancements across the domains of attack, protection and support, is expected to surpass $19.4bn by 2028, growing 12.5% annually. Join Capital and North Ventures are on this journey because they see the strategic value in our solution and the vision our team has been pursuing relentlessly, Espeland added. In electronic warfare, clarity saves lives. Our drone-agnostic tech is all about turning battlefield chaos into actionable intelligence. Quadsat will use the funds to expand its commercial reach, accelerate product development specifically targeting defense applications, and significantly grow its presence in key NATO member countries. Join Capital, a venture firm renowned for defense and deep-tech investments, emphasised Quadsats alignment with urgent defense needs. We backed Quadsat because of the clear, strategic edge its RF spectrum monitoring solution delivers, commented Jan Borgstädt, Founding Partner at Join Capital. From satellite calibration to operational readiness in contested environments, its solution is already proving its value in real-world defense scenarios. We believe Quadsat will define the next generation of spectrum intelligence. North Ventures, a Danish-based venture capital firm known for backing visionary founders, building technology-driven companies, noted the significant market opportunity in Quadsat particularly as antenna calibration, spectrum analysis, and electronic warfare increasingly form part of critical infrastructure. Mikkel Rørvig, Partner at North Ventures, remarked: Quadsat is addressing one of the most urgent challenges in todays connected world with a truly game-changing solution. Its technology is already delivering real impact, and with global demand accelerating, we see enormous potential in scaling Quadsat internationally. Were proud to support the team on this journey alongside the strong co-investors. Klaus Aude, CCO, Quadsat, concluded: While the satcoms market remains important for us, we recognise that the defense sector is growing dramatically. The current geopolitical landscape means that defense organisations, more than ever, need solutions that can make the uncertain certain. We have the technology, and this latest investment round will enable us to get it to those actors faster.
Associated Press
26-02-2025
- Business
- Associated Press
Film Tax Credits Boost Local Economies, Opportunities for Clients
Originally published on U.S. Bank company blog It's awards season and that means movie fans are trying to see all the nominees and predict who is going to win. A little-known fact is that U.S. Bancorp Impact Finance, best known for its work in affordable housing and environmental finance, plays a role in helping to finance some of the films we see. In the 2000s, when iPods, reality television and movie streaming were rising in popularity, Impact Finance closed on its first film tax credit deal. To date, the U.S. Bank subsidiary has purchased $433 million in film credits involving 244 different productions in 15 different states. 'It's remarkable how much this aspect of our business has grown as states and communities across the country have embraced the economic benefits of film production,' said Robert Espeland, Impact Finance senior vice president of State Tax Credits. The Impact Finance role begins after a production company, network or studio contacts a state's film office with a potential project and applies for tax credits that will be certified before the project goes into production. Once the tax credits are awarded, the applicant commits to spending within the state on qualified expenditures such as labor, rentals, food, hotels, etc. Once the project is complete and the state has issued the credits, Impact Finance purchases the credits from the film company. 'By U.S. Bank being a part of these transactions, we support economic development across the country,' Espeland said. 'Additionally, it allows us to interconnect business lines across the bank and the clients we serve.' State governments typically offer film tax credits because they generate spending and jobs in their jurisdiction, Espeland said. The film and TV production industry is a multibillion-dollar business in the U.S., and incentives give states a tool to attract production and spending. A few of the states where U.S. Bank has been involved with numerous productions include California, Georgia, Illinois, Minnesota and Montana. Melodie Bahan started in 2017 as executive director of the non-profit that preceded Explore Minnesota Film, where she's currently deputy director. Since 2022 in Minnesota, Impact Finance has purchased $4.05 million in tax credits from 11 different productions, and Bahan has worked with U.S. Bank on multiple occasions. 'The goal of our program is to benefit Minnesota, so we love that U.S. Bank is a Minnesota-based company,' she said. 'When a financial institution understands what we do, wants to help and support us – that's a win for everyone.' 'From the talent to the producers to the lighting and makeup experts to the caterers and everyone in between, 'a lot of jobs are created locally to bring one production to life.' - Robert Espeland, Impact Finance senior vice president of State Tax Credits Espeland said it's an honor to work with production companies on these films and then watch them come to fruition. 'To see them come together from the early phases is unique because many of the films, for example, start with a working title that later morphs into something else,' he said. 'I've enjoyed the opportunity to visit film sets and am always amazed at the number of people involved, from the talent to the producers to the lighting and makeup experts to the caterers and everyone in between. A lot of jobs are created locally to bring one production to life.'
