TIDMSSIT
Seraphim Space Investment Trust PLC
09 May 2023
SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")
SpaceTech Sector Newsletter - April 2023
Seraphim Space Investment Trust plc (LSE: SSIT), the world's
first listed S paceTech investment company, publishes its monthly
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
April 2023.
SSIT Portfolio Update
SpaceX successfully launched with 10 payloads from five SSIT
portfolio companies
On 14 April, SpaceX launched to low-Earth orbit from Vandenberg
Space Force base in California. This was SpaceX's seventh dedicated
smallsat rideshare mission and had 51 payloads onboard, including
10 from leading SSIT portfolio companies Hawkeye 360 (three
satellites), D-Orbit, Spire Global (three satellites), Tomorrow.io
and Seraphim Space Accelerator graduate Sateliot. [link]
D-Orbit signed EUR26m contract with ESA
D-Orbit signed a EUR26m contract with the European Space Agency
(ESA). This contract is for 'IRIDE', a space-based observation
program initiated by the Italian government that will leverage
national competencies and responsibility with the support of ESA.
ESA, along with the Italian Space Agency under the framework of
Italy's National Recovery and Resilience Plan, will manage the
project. [link]
Satellite Vu's 'flying thermometer' pinpoints homes leaking most
heat
It is only recently that the energy and climate crises have made
people aware of just how expensive and inefficient older homes are
due to heat loss. Around 29 million homes need an upgrade to their
energy efficiency. The average house in the UK loses heat three
times faster than a property in Germany. In order to address this
global issue, Satellite Vu recently tested its infrared capability
over Leeds in an aircraft fitted with its high-resolution thermal
camera to identify buildings 'leaking' heat. It mapped an area of
more than 115 square miles in just two hours to test the capability
of its camera. Satellite Vu is now preparing to launch its
satellite, hosting the infrared sensor payload, which has been
shipped to the USA for the next SpaceX launch in June. Satellite Vu
has grown a team to nearly 50 people and has millions in pre-orders
of its infrared satellite imagery technology. [link]
Astroscale secured JPY 3 Billion loan agreement with Mizuho
Bank
Astroscale Holdings Inc., the market leader in satellite
servicing and long-term orbital sustainability across all orbits,
has entered into a loan agreement of JPY 3 billion (approx. USD 22
million) with Mizuho Bank. This agreement will provide Astroscale
with additional financial support beyond its recently closed $75m
equity round for current and future projects, accelerating the
company's business development efforts and allowing it to continue
to grow and elevate. [link]
ICEYE announced release of Wildfire Insights
ICEYE, a world-leading provider of natural catastrophe solutions
and insights, announced the Beta release of its Wildfire Insights
product. It provides building-level impact data for a wildfire
event in near real-time based on satellite imagery and a
combination of advanced analytics and machine learning. The product
captures data for any wildfire that impacts communities throughout
the United States [ link ]
SpaceTech Sector News
Seraphim Space Q1 2023 Index [link]
Since 2018, Seraphim Space has published quarterly reports
illuminating the trends for global private investment in the
SpaceTech domain.
The first quarter in 2023 saw a bounce from lows in Q4 22, with
private investment increasing by over 60% to $1.4bn. Key trends to
draw include the relative strength of European investment activity,
with transactions up by nearly 50% in the year to 31 March 2023 and
a record breaking 42 transactions in the quarter, whilst European
investment of $567m in Q1 was over half the total European
investment for the whole of 2022. Indeed, Q1 marked the first ever
occasion that European investment was higher than the US, which
invested $456m in the quarter. Given momentum in Q1, 2023 looks set
to become a record year for EU investment in the domain.
Q1 saw a strong pick-up in growth stage investment activity with
a record number of B, C, and D+ rounds financed. Growth stage
investment in Q1 of $971m rebounded against the lows in Q3 and Q4
2022. Evidence suggests that growth stage companies came back to
market in Q1 after avoiding the uncertainty of late 2022, although
they are raising smaller rounds, with average round size deals at
$38m.
Early-stage transactions were also strong, closing 96 investment
rounds and marginally beating the record transaction numbers
achieved in Q4 2022, albeit in value terms Q1's $386m was shy of
the $400m achieved in each of the previous three quarters.
There was an absence of any mega deals during Q1, with European
launch company ISAR representing the largest round financed at
$158m. European companies accounted for half the top 10 financings
for the quarter.
Seraphim Space Accelerator and Generation Space Accelerator
Launch Mission 11
The Accelerator's 11th cohort is the company's most geo-diverse
yet, including the first startup dedicated to the African space
economy to join the programme. Since 2018 the programme has helped
81 startups raise over $270m from 80 VCs, demonstrating the growth
and innovation within the SpaceTech sector. The Accelerator's
unique position at the epicentre of the New Space ecosystem
continues to attract startups from all over the world - with this
year's cohort being scouted from the top 2% of global SpaceTech
startups. SpaceTech tartups continue to flourish despite a tough
economic climate and there have been a number of success stories
among the former participants in the Seraphim Space accelerator.
[link]
SpaceX's New Rocket Starship Suffered Launch Failure
Starship is SpaceX's next generation launch vehicle. The fully
reusable rocket stands nearly 400 feet tall and capable of
delivering 150 tons to orbit. This vehicle promises to herald a new
era for low-cost access to space, further accelerating its
commercialisation and providing regular access to the Moon and
beyond. Starship took off with an eruption of cheers, flew for a
couple minutes, reached Max Q (the point in the launch sequence
where the rocket experiences the maximum dynamic pressure), soared
to an altitude of 39 km before a mid-flight explosion. Shortly
after launch, SpaceX's telemetry showed that three of the engines
had failed. SpaceX had predicted that the mega-rocket would likely
fail to reach orbit stating the goal of the launch was to collect
data to inform future launches and rocket modifications. SpaceX has
stated it will conduct the next Starship test flight in eight
weeks. [ link ]
Virgin Orbit filed for Chapter 11 bankruptcy.
The company retained about 100 employees to continue work on
both the investigation and vehicle preparations after laying off
about 675 people in late March, just before the Chapter 11 filing.
The company announced on 19 April that it completed an
investigation into the failure of its previous LauncherOne mission
on 9 January. On that flight, the rocket's second stage engine shut
down prematurely, preventing the stage and its payloads from
reaching orbit. Virgin Orbit is now engaged with investors to
determine the future of the business. [ link ]
SES is early talks about combining with Intelsat
Following years of industry speculation, the two companies
confirmed merger discussion was underway. Plenty of operational
synergies await SES and Intelsat if the world's largest fixed
satellite service (FSS) providers can craft a merger able to clear
regulatory scrutiny. [ link ]
Research
-- Edison published a research note on SSIT - "Long-term
structural growth drivers remain intact". [link]
-- McKinsey published "Space: The missing element of your strategy" [ link ]
Media & Podcasts
-- SSIT featured in This Money. [ link]
-- Seraphim Space CIO James Bruegger took part in the Future of
SpaceTech Film with Deloitte. [link]
-- Seraphim Space CEO Mark Boggett took part in a live webinar
with Augmentum Fintech and Molten on 'Venture Capital: Downside
Protection and Portfolio Resilience' hosted by PrimaryBid.
[link]
-- Mark Boggett joined CNBC's podcast 'Manifest Space' with
Morgan Brennan - 'The Capital Comeback'. [link]
-- Seraphim Space Investment Analysts Trisha Saxena and Lucas
Bishop recorded a video stream commenting on the Seraphim Space
Ecosystem Map 2023. [link]
-- Seraphim Space Investment VP Maureen Haverty and Investment
Analyst Trisha Saxena recorded a video stream commenting on The
Seraphim Space Index Q1. [link]
-- Seraphim Space published episodes six, seven and eight of the
Generation Space Podcast. [link]
o 'ESG in SpaceTech', featuring Seraphim Space COO Sarah
Shackleton and CIO James Bruegger.
o 'How to build a successful space company' featuring SSIT
portfolio company Tomorrow.io and Seraphim Investment Principal
Andre Ronsoehr.
o 'Finding and investing in the best space companies' featuring
Seraphim Space Accelerator CEO Rob Desborough and Investment VP
Maureen Haverty.
Conferences
-- Seraphim Space Partner and Chair of Advisory Board Candace
Johnson gave a keynote speech on space for sustainability at the
Global AIM 2023.
-- Seraphim Space CEO Mark Boggett spoke at the 38(th) Space Symposium in Colorado Springs, USA.
-- Seraphim Space COO Sarah Shackleton spoke at the Real Deals
Tech and Innovation Conference in London.
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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