Financing Military Space Business: The Government Perspective

With 20 years of in-house general counsel experience, Randy Segal brings an individual perspective to every matter she handles, both as your outside counsel and as someone who has walked in your shoes. With a focus on satellite, wireless, drone, and technology transactions, Randy provides commercially practical solutions in industries where technological change is ever-present. Randy’s practice often involves multi-level chess games, where every move needs to be considered from a multitude of angles to be successful.

As a result, Randy’s practice is reflected in three segments. First, as co-leader of the Space and Satellite practice, Randy has handled many types of transactions, from day-to-day matters to the most complex international transactions for industry operators, investors, and technology providers. She has been involved in taking companies public, advising on acquisitions, divestitures, and complex cross-border joint ventures, as well as large satellite system development, deployments and funding.

Second, as an advisor to technology investors and their portfolio companies, Randy has advised on transactions focused on big data analytics, IT, wireless systems, spectrum licenses, environmental analytics, wireless proximity analysis, drone technology, terrestrial positioning, and other innovative technologies.

Third, Randy provides “strand of pearls” advice to global clients, working seamlessly with our international offices to develop familiar, comfortable and “right-sized” solutions. Randy’s extensive cross-border experience has resulted in an extensive tool-kit of resolutions for the most complex of legal regimes. Randy’s transactional and advisory experience is both deep and broad, working throughout North and South America, Europe, Asia and the Middle East and on the most complex of international programs and legal issues.

Tom Gillespie serves as a Partner on In-Q-Tel’s Investment Team and as Investment Lead for In-Q-Tel’s Field Technologies Practice, where he is responsible for identifying technologies that address challenges faced by the Intelligence Community. He is the Investment Team partner associated with IQT’s commercial space initiative, CosmiQ Works, and he has led a number of IQT’s investments in commercial space ventures, including launch vehicles, small satellite constellations, and space situational awareness. In addition, he has led IQT investments in the areas of robotics, materials, power sources, and autonomous systems, as well as several analytics investments.

Prior to IQT, Gillespie was a Strategy Consultant at Booz Allen Hamilton, serving clients in the financial services, aerospace, and government (national security and defense) sectors. Previously, he co-founded LaunchFuel, a venture commercialization firm that created, developed, and advised early-stage technology businesses; Gillespie also directed numerous business and technology strategy projects with Global 2000 clients for AT&T Solutions. Earlier experience includes positions in international privatization and the United States Congress, where he focused on financial services, telecommunications, space, and foreign affairs issue areas.

Gillespie earned a B.A. from Stanford University and an M.B.A. from the Wharton School of the University of Pennsylvania.

Ryan Lewis is a Partner at SRI Ventures, where he invests in early-stage companies across sectors and structures spin outs leveraging IP and expertise from SRI International’s research and development labs. He is particularly interested in startups developing dual-use technologies for private and public sector use cases.   Prior to joining SRI Ventures, Ryan was the Senior Practice Manager of Artificial Intelligence (AI) for Amazon Web Services (AWS) National Security, where he led technical teams delivering a wide array of AI products and services to U.S. national security organizations.

Before he joined AWS, Ryan was Senior Vice President and Director at In-Q-Tel (IQT) Labs, where he led applied research teams focused on developing and open sourcing AI algorithms. Specifically, he co-founded CosmiQ Works, an IQT lab focused on accelerating adoption of commercial space innovations, and SpaceNet LLC, a data science challenge platform that hosted AI algorithms competitions and open-sourced curated satellite imagery data. Before starting CosmiQ, he was a member of IQT’s investment team leading customer accounts. Ryan started his career at Computer Sciences Corporation providing account management and software engineering to U.S. government organizations.

Ryan holds a bachelor’s degree from Truman State University and a master’s degree from the University of Maryland School of Public Policy, where he was named a Memorial Fellow. He is currently a Senior Associate (Non-Resident) at the Center for Strategic and International Studies with the International Security Program.

Tess Oxenstierna, Managing Director at Capstone Partners, has over 30 years of experience in the aerospace and defense industry, government policy arena and financial services sector. Tess holds deep domain knowledge and transaction advisory skills, especially in the high growth markets of Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR), Air / Land / Sea / Space Systems, Electronic Warfare, Unmanned Autonomous Systems / Robotics. Prior to joining Capstone Partners, Tess founded the Aerospace and Defense practice at a middle market boutique investment bank, focusing on private and public corporate clients with diverse products such as command and control software for aerial drones, satellite-based force tracking systems and electronic warfare devices used in Afghanistan and Iraq. She was Global Head of Equities Strategy at Lehman Brothers, responsible for strategy development leveraging competitive intelligence, market analysis, and acquisitions across Americas, Europe, and Asia. Transactions included investments in stock exchanges, a NYSE specialist market-maker, and international broker-dealers. Tess was also Director of Corporate Development and Strategy at Raytheon, with deal team transactions valued at over $3.4 billion in sensor automation/ information synthesis, geospatial mission support, network forensics, interoperable communications for homeland security, and commercial aviation/life cycle support. Prior to these transactional roles, Tess worked in the Reagan White House, U.S. Departments of State and Energy, and NATO Headquarters, complementing her combat operational experience as a Commander in the U.S. Navy Reserve.

A recognized industry expert, she was honored with deal awards, such as 2021 Top Women Dealmaker & Leader Award Winner by Global M&A Network, 2021 M&A’s Most Influential Women, 2020 USA Top Woman Dealmaker, 2019 M&A Atlas Awards for Industrials, and 2018 M&A Advisor, Corporate / Strategic Deal of the Year. She has also spoken at Thompson Reuters A&D Summit, Int’l AUVSI Conferences, New York Capital Roundtable and on a tv interview on ABC’s Government Matters. She serves on the Board of the U.S. Navy League – CT Council. In addition, she holds a Ph.D. in War Studies from King’s College London; M.A. from the Fletcher School of Law and Diplomacy and the Kennedy School of Government, Harvard; and B.A. in International Relations from UCLA. In addition to her degrees, Tess studied Corporate Finance at Harvard Business School and British Political Thought, Perspectives on European Union at Cambridge University.