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| TIDM | SSIT |
| Share Price | 187.40p0.54% |
| Market Cap | £704.42m |
| Date | 6 Feb 2023 |
| Time | 07:00:04 |
| Category | Miscellaneous |
| ID | 9260O |
SERAPHIM SPACE INVESTMENT TRUST PLC
("SSIT" or the "Company")
SpaceTech Sector Monthly Newsletter - February 2023
Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed SpaceTech 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 the period from 1 to 31 January 2023.
SpaceTech Sector Update
Since 2018, Seraphim Space has published quarterly reports illuminating the trends for global private investment in the SpaceTech domain - the Space Index for Q4 covering the year to 31 December 2022 has just been published [link].
If 2021 was the year of the mega round then 2022 was the year for seed stage investments. Seed deals were up c.50% in 2022 compared to 2021, indicating strong interest from entrepreneurs and investors in founding new space companies in 2022.
SpaceTech is now truly international. Asia and Europe are starting to catch up with North America in terms of number of deals. Asia was up 80% compared to 2021 and Europe up 50%. Both saw more deals in 2022 than North America did in 2020. At the growth stage, total investment was 34% down compared to 2021 but deal volumes were flat. While the US remains the primary driver of large SpaceTech rounds, Q4 2022 saw representation from UK, India, Australia and Germany in the top 10.
With total investment of $8.9bn in 2022, overall venture and private equity investment in space was down c.25% compared to 2021. These trends are less pronounced than in other independent reports which measure the space market far more broadly, including for instance any companies that use GPS in their product or service (such as Uber). [link]
SSIT Portfolio Update
HawkEye 360 adds to constellation
HawkEye 360, the largest player in the space-based radio frequency (RF) intelligence market, announced that its Cluster 6 next-generation satellites have successfully been deployed into orbit aboard a specially commissioned Rocket Lab Electron launch vehicle. Three new satellites, representing the 16th, 17th and 18th in the HawkEye 360 fleet, are now successfully orbiting the earth at an altitude of 575 km. In order to precisely triangulate and map signals, the satellites fly in a special formation facilitated by a novel propulsion system. Once Cluster 6 achieves initial operating capability, HawkEye 360 will be able to collect RF data as frequently as once per hour anywhere on earth, enabling the company to offer the most timely and actionable RF data and data analytics available in the market. [link]
Voyager Space and Airbus partner on Starlab orbital station
Voyager Space has announced an international partnership for the future Starlab space station with Airbus Defence and Space. This partnership will develop and operate Starlab, the first continually crewed, free-flying space station. This space station will serve the National Aeronautics and Space Administration (NASA) and other space agencies. Starlab is due to be launched in 2028, providing a platform for research and development in areas such as space-based biotech. [link]
D-Orbit launches its 8th "space-taxi"
D-Orbit, the in-space logistics and transportation company, successfully launched its 8th "space-taxi" vehicle, the ION Satellite Carrier, on 31 January 2023, extending its considerable lead in the market. Having travelled into orbit aboard a SpaceX rocket, the ION Satellite Carrier transports its customers' satellites in orbit and releases them individually into distinct orbital slots. The ION Satellite Carrier accommodates multiple third-party payloads, such as innovative technologies developed by start-ups, experiments from research entities and instruments from traditional space companies requiring a test in orbit. [link]
LeoLabs expands coverage across the Southern Hemisphere
LeoLabs, the market leader in monitoring satellites and debris in space (Space Domain Awareness services) with a >60% market share of satellites in Low Earth Orbit (LEO), announced the commissioning of its 6th radar site based in West Australia. LeoLabs' new radar site enables increased surveillance of the Southern Hemisphere in the Indo-Pacific region, an area where the U.S. and allied nations have historically lacked coverage and visibility. The LeoLabs Australia team is responsible for Pacific daytime global radar operations, orbital analytics and reporting, providing LeoLabs with continuous, comprehensive coverage and analysis of regional activities in LEO. LeoLabs now operates 10 independent radars across six sites, with more in various stages of development. [link]
Seraphim Space News
European Space Agency 3-year partnership with Seraphim Space Accelerator
Seraphim Space Accelerator has entered into a new commercial partnership with the European Space Agency (ESA). The partnership is part of ESA's new strategy of working with venture capital partners to finance early and growth stage SpaceTech businesses that have the potential to solve some of the world's most pressing climate, communications and security issues and establish Europe as a leading market in which space companies can thrive. The three-year agreement will allow ESA to support the Seraphim Space Accelerator through its ScaleUp programme [link] to stimulate companies to take more risks, hit the market faster, attract investors and introduce game changing business innovation. [link]
Seraphim Space publishes "in-space economy" Ecosystem Map
Seraphim Space published its new ecosystem map for 2023 for the "in-space economy" which identifies over 250 companies covering everything from services and infrastructure supporting satellites in space to the lunar economy and space R&D and manufacturing. Whilst these are nascent markets, the Seraphim Space Index highlighted that these sectors experienced the highest growth in investment in 2022. Many established space companies, from SpaceX to Lockheed Martin to Northrop Grumman, are participating in these sectors. The map is a useful tool for anyone investing or seeking to understand future growth markets developing in the space domain. [link]
11th Seraphim Space Accelerator - Applications Open
Applications are now open for the 11th Seraphim Space Accelerator / Generation Space Accelerator, operating in parallel in Europe and the US. The Accelerator is now selecting high-growth technology seed stage companies to join their 12-week programme starting in April. The Accelerator helps start-ups get 'investment ready' culminating in the end of programme investor event. Companies in earlier programmes have raised >$250m equity funding to back their ambitious growth plans. [link]
Podcasts and Media
Seraphim Space's latest Generation Space Podcast is now live with episodes one and two available on all streaming platforms. The latest episode, "Building businesses in space to solve problems on earth", features two SSIT portfolio CEOs, Anthony Baker from Satellite Vu and Domini Edmunds of PlanetWatchers, interviewed by Seraphim Space VP Maureen Haverty. [link]
The Sifted SpaceTech Report 2023 explores how Space technologies are creating an explosion of business opportunities on earth, providing an extensive overview of the European SpaceTech ecosystem, who the disrupters are and where the money is going next. The Report also includes commentary from Seraphim Space CEO, Mark Boggett, as well as portfolio companies including ICEYE, Satellite Vu and PlanetWatchers, amongst many others. [link]
Seraphim Space's COO, Sarah Shackleton, spoke at the Real Deals & The Drawdown ESG: Explore, Strategise & Grow Conference, discussing 'Tackling the Unconscious Bias: The importance of driving diversity in driving innovation".
Managing partner and CEO of Seraphim Space Accelerator, Rob Desborough, spoke at the Space Sustainability Roundtable with UK Minster for Science George Freeman, setting the framework to lead the world in standards for a sustainable New Space economy. [link]
Candace Johnson, Chair of Seraphim Space's advisory board, presented a visionary keynote speech on financing the New Space economy at the TMT Finance World Forum.
Note: 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) [email protected]
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 [email protected]
Lorna Zimny +44 (0) 28 9078 5880
Notes to Editors:
About Seraphim Space Investment Trust plc
Seraphim Space Investment Trust plc (the "Company" or "SSIT) 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 Space" 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