Harvest Technology Group to raise $6.5 million, names new CEO

Perth-based Harvest Technology Group has received what it describes as "firm commitments" for a two-tranche placement of shares to new investors intended to raise $6.5 million.

The funds received by the company under the placement are to be utilised for Harvest's go-to-market defence strategy; defence readiness and compliance initiatives; expansion of Nodestream; corporate and operational working capital; and costs of the placement.

In April, the company announced an acceleration of its defence-focused strategy following completion of an independent review of its technology and defence market readiness.

Nodestream is a communications platform that enables secure, resilient and intelligent real-time video, voice and data transmission for situational awareness and control across mission-critical environments, operating efficiently over minimal bandwidth and any available network.

Harvest has also appointed Victoria Bainton as its new chief executive, following the mutually agreed upon departure of former CEO and MD Ilario Faenza.

An MBA-qualified lawyer with more than 15 years’ experience across highly regulated, mission-critical sectors, she most recently served as director of governance and industry engagement at Optus Satellite and Space Systems.

There, she led commercial, governance and industry capability activities, including the AIC component of Team AUSSAT’s bid for the Australian Defence Force’s JP9102 sovereign satellite communications program

Earlier in her career she held senior contracts, commercial and AIC roles at defence prime contractor Raytheon Australia, and senior commercial and compliance roles at Newcrest Mining. Bainton has also served as Deputy Chair of the Space Industry Association of Australia and Chair of the NSW Space Research Network.

“Harvest has a genuinely differentiated capability in Nodestream, addressing a real and growing operational need for resilient communications in contested and bandwidth-constrained environments,” Bainton said.

“The opportunity to lead Harvest at this inflection point —as it sharpens its focus on defence, national security and allied government markets —is one I am energised to take on. I look forward to working with the Board, the team and our partners to build sovereign capability and deliver lasting value for our customers and shareholders,” she continued.

“Veronica brings exactly the capabilities this next phase of Harvest demands —deep defence and national security experience, a strong command of defence procurement and sovereign capability, and a proven ability to build enduring relationships across government, industry and the broader defence ecosystem," Harvest’s executive chair, Jeff Sengelman, said.

“Veronica’s appointment reflects the Board’s conviction in our defence strategy and positions Harvest to convert Nodestream’s validated capability into meaningful outcomes across defence and allied government markets. I look forward to working alongside Veronica as we execute with discipline and pace.”