New investment aimed at growing defence business and developing new business verticals.
Improbable continues to deepen its focus on the metaverse.
London and Brussels – 5 June 2023
Improbable and a group of investors led by NOIA Capital have agreed the terms of a spin-out of Improbable’s defence and national security business. The transaction includes the transfer of around 70 engineers and modellers, contracts including with the UK’s Ministry of Defence (MOD) and other business interests, all powered by Skyral - a development platform enabling the rapid delivery of complex synthetic environments.
The transaction is pending the UK government customary approvals processes and is expected to conclude in the coming three to six months. The terms of the transaction are undisclosed
“*We are very pleased to spin out our defence business, which we initiated in 2018 and grew to the point of Skyral being a proven capability. We are very confident that with the support of NOIA, the business is on a great path moving forward to being one of the first new prime contractors in decades in the UK market. Improbable continues to transform to deepen its focus on the metaverse*”, commented Peter Lipka, COO of Improbable.
“Our world grows more complex every day and will require data-driven decision making tools to better navigate through this complexity. In parallel, digital twin synthetic environments emerge as yet another milestone for digital transformation. This talented team has developed a technology uniquely positioned at the intersection of those two interconnected trends, both for defence and enterprise applications”, said Muhammed Yesilhark, CIO of NOIA Capital.
Nick Blair, incoming Chairman, declared: “Improbable Defence has developed a unique product thanks to years of development and dedication from a world-class team. With our new partners at NOIA and Kingsway we are excited to continue to provide these technologies to partners at the UK government and to export this British-made product to our allies across the globe.”
Joe Robinson, CEO of Improbable Defence said: “Improbable Defence is delighted to become a part of NOIA and Kingsway portfolios. Both of these firms and their co-investors bring a unique set of skills, experience and connections to help accelerate the next stage of our growth. Whilst we continue to support the vital mission of national security, we look forward to working together to expand the business into new verticals and new geographies.”
About NOIA Capital
NOIA Capital is a Luxembourg based multi-family office focusing on growth capital opportunities. It has an opportunistic and hands-on approach focusing on technology companies across all stages. It is a long term investor known for working hand-in-hand with leadership teams. NOIA's team is based between Luxembourg, Brussels, London, Geneva, and Dubai.
Improbable is a metaverse technology company that has been at the forefront of building virtual worlds for over a decade, for gaming and entertainment companies or public institutions. We believe that the metaverse is an opportunity for communities to connect and exchange at a larger scale, and can have a positive social, economic and political impact in the real world.
About Improbable Defence
Improbable Defence works to transform the national security of our nations and their allies in the face of increasing global competition and evolving threats. We deliver mission-focused software and services aimed at enhancing security, prosperity and freedom.