Allens has advised market-leading developer of AI-driven network analytics Canopus Networks on its $10 million Series A capital raise and strategic partnership with lead investor Pentanet, who acquired 13.4 per cent of the business.
The new funding will allow Canopus Networks to accelerate its growth and expand into 5G, gaming and international markets.
'We are delighted to have assisted Canopus on this transaction given our long-standing relationship with the team as part of the Allens Accelerate practice,' said Managing Associate and Co-Head of the Allens Accelerate practice Elyse Adams.
'The raise builds on our extensive portfolio of startup investment work. It's fantastic to see the record levels of funding pouring into high-quality Australian startups like Canopus over the past few years.'
'This significant investment reflects the ongoing demand and appetite for leading innovative Australian companies from strategic investors,' said Senior Associate Madeline Hunt.
The investment is due to complete on 24 December 2021.
Allens legal team
Elyse Adams (Managing Associate), Madeleine Hunt (Senior Associate), Isabelle Vo (Associate), Catherine Gamble (Associate)