Listed space tech fund, Seraphim Space Investment Trust, has announced an investment of $25 million into portfolio company Isotropic Systems, a developer of broadband terminal technologies which is looking to redefine satellite communications.
Isotropic’s Series B funding round, which was led by the company's investment manager, Seraphim Space (Manager) LLP, raised more than $35 million. Other participants in the round included strategic and deep-tech venture capital investors, such as AEI HorizonX, Promus Ventures, and Firmament Ventures.
This is Seraphim Space’s first significant investment since its IPO. The increased valuation of Isotropic in this latest funding round positively impacts the net asset value of the Company, with an implied uplift of 172 per cent to the £1.41m valuation of the Company's existing investment in Isotropic at the time of the IPO.
Isotropic’s patented radio frequency optics technology enables high-performance multi-link ground antenna to simultaneously connect to multiple satellites in multiple orbits without any compromise in the performance of each link. With the likes of SpaceX and UK-based OneWeb already deploying constellations of thousands of satellites to deliver high speed broadband connectivity from space, satellite connectivity is expected to skyrocket 35 fold by 2027 fueling a $400bn potential industry according to the company.
Being able to cost-effectively and flexibly connect to all these satellites remains a major bottleneck for the sector. With its low powered, modular, software-defined antennas, Isotropic is aiming to address these issues with a particular focus on mobility markets. By enabling aircraft, ships, trains, buses and even cars to benefit from broadband satellite connectivity, Isotropic expects to play a key role in expanding the market for satellite communications.
Isotropic will use the funding to accelerate its production phase in time to support new constellations and satellites launching in GEO, HEO, MEO and LEO orbits from 2022 onwards, and has expanded its workforce by 40% over the last five months
James Bruegger, Seraphim’s chief investment officer, said in statement: “Isotropic is a prime example of why Seraphim Space has listed on the London Stock Exchange. We now have the financial firepower to double down with conviction on our highest potential investments. With its unparalleled ability to simultaneously connect to satellites in different constellations and different orbits, we believe that Isotropic has the technology that will help unlock massive potential growth within the satellite communications market. We are delighted to be stepping up our support for this exciting business as it enters a critical phase in its development.”
Mr Bruegger has also been appointed to the board of Isotropic.
