TIDMSSIT
Seraphim Space Investment Trust PLC
11 April 2023
SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")
SpaceTech Sector Newsletter - March 2023
Seraphim Space Investment Trust plc (LSE: SSIT), the world's
first listed S paceTech investment company, publishes its monthly
RNS Reach newsletter to provide updates, based on publicly
available information, on the Company's portfolio investments, its
Manager (Seraphim Space Manager LLP (the "Manager" or "Seraphim
Space") and the wider SpaceTech market. The following newsletter
covers March 2023.
SSIT Portfolio Update
QuadSat Secures 9 Million Euro Funding to Scale Up Operations
and Expand Product Range
QuadSat, the automated testing and diagnostics solution for
antenna/satellite calibration, completed a funding round led by IQ
Capital and supported by SSIT and other investors, including the
Danish fund Vækstfonden. The funds will help accelerate the
production of the QuadSat antenna testing kits and enable them to
cover different frequency bands. QuadSat is also seeking to expand
its testing services to other ground-based systems, such as radars
used on navy ships. [link]
Patrick McCall Joins Altitude Angel Board
Altitude Angel , the air traffic control company behind the
foundational technology delivering the world's longest drone
superhighway, has announced Patrick McCall joined the company's
board as a non-executive director. Patrick is a former chair of
Virgin Galactic and Virgin Orbit, prior to which he held the role
of partner at Virgin Group where he was pivotal in developing
several brands in the Virgin stable, including Virgin Active and
Virgin Trains. Patrick also held the position of non-executive
director at OneWeb. Patrick brings with him a wealth of experience
in growing and developing businesses whose focus is emerging
technologies. Patrick is a Venture Partner of the Manager.
[link]
Pixxel Awarded National Reconnaissance Office (NRO) 5-year
Hyperspectral Data Contract
Pixxel has been awarded a 5-year contract by the NRO Commercial
Systems Program Office (CSPO) for Commercial Hyperspectral
Capabilities. Pixxel's hyperspectral satellites capture images at
hundreds of wavelengths in the electromagnetic spectrum and reveal
key data about the health of our planet. Pixxel has seen a landmark
year of growth, launching three pathfinder missions into orbit and
growing its customer base across agriculture, mining, climate, oil
and gas, government and more. This agreement marks Pixxel's first
publicly announced government customer and aligns with growing
public sector interest in climate monitoring tools. [link]
Spire Launches Dark Shipping Detection
Spire Global, one of the largest global constellations of
cubesats, has launched a new dark shipping detection solution to
uncover suspicious vessel behaviour, worldwide and in near
real-time. The solution is able to track vessels that operate in
the dark by spoofing or manipulating their reported position.
Spire's satellite constellation and experience with radio frequency
has enabled it to be the first to deliver a near real-time, global
Automatic Identification System (AIS) message position validation
service. [link]
AST Releases Q4 Results and Confirms First Cell Tower in Space
is Working
AST, the operator of the world's first and only satellite which
provides space-based cellular broadband, confirmed that testing
successfully validated the ability to deliver cellular broadband
capability directly to standard unmodified mobile phones. Initial
tests indicate downlink signal strengths necessary to achieve 5G
speeds, validating its patented doppler and delay compensation
technologies. Commercially AST continued customer momentum with 7
new memoranda of understandings (MOUs) and confirmed it had secured
launch for 5 of its Bluebird satellites. During the quarter AST
raised $104m net equity and have cash reserves of GBP239m as at 31
December 2022. [ link]
SpaceTech Sector News
UK Space Sector Income Reaches GBP17.5 Billion as Jobs and
Services Grow
The recent publication of the latest Size & Health of the UK
Space Industry Report 2022 by the UK Space Agency indicates that
the UK space industry grew income by more than GBP1 billion and
added almost 1,800 jobs and 300 companies in the 2020/21 financial
year despite the Covid-19 pandemic, outstripping the growth of the
space sector globally. Despite the global disruption caused by the
pandemic, UK space organisations presented a robust picture,
generating income of GBP17.5 billion in 2020/21, compared to
GBP16.5 billion the previous year. This is equivalent to 5.1%
growth, whilst the general UK economy, contracted by 7.6%.
[link]
OneWeb-Eutelsat on the Launchpad for a Secondary London
Listing
A combined OneWeb and Eutelsat is set to list on the London
Stock Exchange this year in a boost to the UK government's attempts
to secure more large tech listings. Eutelsat, listed in Paris, and
OneWeb last July struck an agreement on an all-share merger which
valued OneWeb at $3.4 billion amid increasing consolidation in the
market as satellite ventures, including Elon Musk's Starlink, race
to provide internet access from space across the globe. OneWeb
recently completed its launch of a constellation of 620 satellites,
the 2(nd) largest in space delivering capability for high-speed
global connectivity for businesses, governments, public services
and people
all over the world. [link]
Inmarsat Outpaces the Market in FY22
A further barometer of the health of the space sector is that
UK-listed Inmarsat reported an excellent FY22, outpacing the market
with a 9% increase in revenue and expanding EBITDA 14% vs 2021. It
reported that Q4 revenues were up 16% and EBITDA up 22%. [link]
Podcasts & Media
-- Seraphim Space published episodes four and five of the
Generation Space Podcast, entitled 'Game Changing Space Technology'
and featuring Seraphim Space Vice President Dr Maureen Haverty,
Managing Director Rob Desborough and CIO James Bruegger. Episode 5
also went live, entitled 'Ensuring Space Remains Sustainable: The
Truth About Space Junk' and featuring SSIT portfolio companies
Astroscale and LeoLabs. [link]
-- Seraphim Space CEO Mark Boggett and COO Sarah Shackleton took
part in a LinkedIn live webinar on 'ESG in the SpaceTech Investment
Landscape'. [link]
-- Mark Boggett, alongside Tim Levene, CEO Augmentum Fintech ,
and Ben Wilkinson, CFO Molten Ventures, took part in a live webinar
busting myths on venture capital, downside risks and portfolio
resilience. [link]
-- Dr Maureen Haverty, Seraphim Space Vice President, published
an article for Via Satellite on the future of the SpaceTech
ecosystem. [link]
-- Seraphim Space took part in the National Finals of the 2023
UK Space Design Competition. [link]
-- Mark Boggett featured in This Is Money discussing why
business leaders should focus on boosting home-grown space talent.
[link]
-- The Seraphim Ecosystem Map 2023 was published. [ link ]
Conferences
-- Seraphim Space Managing Director Rob Desborough spoke at the
Paris Space Week conference and TNW Valencia conference.
-- Seraphim Space CEO Mark Boggett spoke at the Satellite 2023 conference in Washington DC.
-- Seraphim Space Vice President Maureen Haverty spoke at the
Access to Finance Conference, Harwell Campus, and the North East
Space Conference,
-- Seraphim Space Accelerator Startup and Venture Lead Zainab
Qasim spoke at Ignite Space 2023 and the UKSEDS Student Space
Conference.
-- Seraphim Space Investment Principal Andre Ronsoehr appeared
at the Hello Tomorrow Global Summit in Paris.
Neither the Company's website nor the content of any website
accessible from hyperlinks in it or in this newsletter (or any
other website) is (or is deemed to be) incorporated into, or forms
(or is deemed to form) part of, this newsletter.
- Ends -
Media Enquiries
Seraphim Space Manager LLP (via SEC Newgate)
Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough
SEC Newgate (Communications advisers)
seraphim@secnewgate.co.uk
Emma Kane / Clotilde Gros / George Esmond +44 (0) 20 3757
6767
Deutsche Bank
Mark Hankinson / Gavin Deane / Neil Coleman +44 (0) 20 7545
8000
J.P. Morgan Cazenove
William Simmonds / Jérémie Birnbaum / Rupert Budge +44 (0) 20
7742 4000
Ocorian Administration (UK) Limited seraphimteam@ocorian.com
Lorna Zimny +44 (0) 28 9078 5880
Notes to Editors:
About Seraphim Space Investment Trust plc
Seraphim Space Investment Trust plc (the "Company") is the
world's first listed fund focused on SpaceTech. The Company seeks
exposure predominantly to early and growth stage private financed
SpaceTech businesses that have the potential to dominate globally
and that are sector leaders with first mover advantages in areas
such as climate, communications, mobility and cyber security.
The Company is listed on the Premium Segment of the London Stock
Exchange.
Further information is available at: https://investors.seraphim.vc
About Seraphim Space Manager LLP
Seraphim Space Manager LLP ("Seraphim" or the "Manager") is
based in the UK and manages Seraphim Space Investment Trust
plc.
Further information is available at: www.seraphim.vc
About Seraphim Space Camp Accelerator Ltd
Seraphim Space Camp Accelerator Ltd, an affiliate of Seraphim
Space Manager LLP based in the UK, established the Seraphim Space
Accelerator in 2018 and has developed it to become the
world-leading VC-led accelerator with a focus on SpaceTech. The
accelerator programme brings in-depth industry expertise to get
Seed and Pre-Series A SpaceTech companies "investment ready" while
facilitating relationships with some of the world's leading Space
corporates and agencies.
Further information is available at: www.seraphim.vc
About Generation Space LLC
Generation Space LLC is the US subsidiary of Seraphim Space
Manager LLP and is responsible for its US activities. Generation
Space LLC is an affiliate of Seraphim Space Camp Accelerator Ltd
and is responsible for delivery of the US Generation Space
Accelerator.
Further information is available at: www.generation.space
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