DULLES, Va.--(BUSINESS WIRE)--TrustPoint, Inc., a venture-backed deep tech company dedicated to developing and providing next-generation Global Navigation Satellite System (GNSS) products and services, is thrilled to welcome Charles Beames as Executive Chairman of the company’s Board of Directors. Beames brings over three decades of aerospace and investment expertise to TrustPoint. In his new role, Beames will lead the TrustPoint board and work closely with the company’s executive team in their mission to deliver solutions that address the evolving needs of GPS customers and stakeholders worldwide.
Reinvention and diversification of space-based navigation is required for the newest applications, especially autonomous systems. TrustPoint is currently developing a fully commercial GNSS to provide significant accuracy, security, and availability enhancements for both government and commercial GPS users.
“Much like other space missions originated by the Defense Department decades ago, the current GPS system has become critical infrastructure that needs increased resilience through a Hybrid Space Architecture approach,” said Beames. “The current wars in Ukraine and Israel highlight the limitations of current systems and how they could impede continued expansion of the commercial utility of precision navigation and threaten our ability to fight future wars. We are eager to complement the Space Force’s venerable GPS system to ensure the US’s ability to lead in exquisite navigation and timing in this newly contested domain.”
Reliance on GPS services has become ubiquitous in modern life, permeating various sectors and impacting economic activities worldwide. While government investment, notably the US government's annual expenditure of approximately $2 billion on GPS program elements, has historically underpinned the sector, a paradigm shift is underway. Beyond government applications, the simple commercialization of the core GPS signal has already unlocked near-unlimited economic opportunities, with industries ranging from transportation and logistics to agriculture and telecommunications.
Beames added “TrustPoint began with an entirely new ‘clean sheet’ approach that leverages commoditized space hardware and a unique service frequency to avoid the high capital and protracted regulatory battles that have too often hobbled the sector over the years. This approach avoids the obsolescence of other proposed concepts while focusing on cutting edge GNSS products and services that are robust, secure, and reliable for the new era.”
As the global demand for GNSS products and services continues to expand, with market size estimates topping $260B today, there is a growing recognition of the pivotal role commercial complements to GPS will play in driving economic growth and societal advancement. This demand for capability beyond what legacy GPS delivers is distinctly illustrated by the growing $50 billion market segment dedicated to aftermarket improvements and augmentations of the GPS service.
"Chuck Beames has demonstrated across his portfolio of space companies his unique ability to partner closely with founders. His specific experience and insights unique to TrustPoint’s mission and operations will be integral to accelerating our next phase of growth and his extensive background in aerospace and investment management are already unlocking new opportunities, guiding our strategic direction,” said Patrick Shannon, CEO and founder of TrustPoint. “With the addition of Chuck's leadership, TrustPoint is even better positioned to capitalize on emerging customer needs, drive innovation, and solidify our position as a leading provider of next-generation GNSS solutions. We are thrilled to welcome Chuck to the team and confident that his expertise will propel TrustPoint to new heights."
In addition to TrustPoint, Beames currently serves as chairman of several other aerospace companies. Prior to establishing his investment arm Ascension Partners in 2016, he held several corporate leadership positions including President of Vulcan Aerospace, where he managed Microsoft co-founder Paul Allen’s $1+ billion aerospace and technology investment portfolio. Prior to leading Vulcan and its portfolio of companies, Charles was a member of the Senior Executive Service. His last position at DoD was as the Principal Director, Space and Intelligence Systems, overseeing the execution of a $90 billion annual acquisition budget. Before that, Beames served over 22 years in space and intelligence leadership positions, retiring from the U.S. Air Force as a Colonel.
About TrustPoint
TrustPoint is developing a revolutionary commercial GPS service, leveraging their next-gen C-Band LEO satellite constellation. The TrustPoint system has been developed from the ground up to achieve the high performance, security, and availability required for autonomous navigation, critical infrastructure, and national security. Learn more at www.TrustPointGPS.com.
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