SERAPHIM SPACE INVESTMENT TRUST PLC

SpaceTech Sector 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 February 2023. 

SSIT Portfolio Update

Astroscale raises $76 million, continuing to lead the growing on-orbit servicing sector

Astroscale successfully raised $76 million in its recent round of funding from new investors, including Mitsubishi Electric, Yusaku Maezawa, Mitsubishi UFJ Bank, Mitsubishi Corporation and the Development Bank of Japan.  Additional funding means Astroscale has raised a total amount of more than $376 million since its establishment, demonstrating strong investor confidence in its stability, success and market leadership in the on-orbit services sector, despite the extremely challenging global economic climate. [link]

 Voyager Space raises $80m

Voyager announced the completion of its funding round to progress the development of its space station, Starlab. Voyager was awarded a $160 million Space Act Agreement from NASA in December 2021 to create Starlab, a continuously crewed space station to replace the International Space Station. Starlab is designed to serve as the home for the first science park in space, where scientists and industry experts can share findings, collaborate, and use new technologies to advance both scientific and commercial endeavours. [link]

Satellite Vu secures £81m commitment to access 'The World's Thermometer'

Satellite Vu, the UK space and climate tech company, has secured £81 million of purchase options from 30 companies for their Early Access Programme (EAP). Using thermal data, Satellite Vu can provide a pattern of life thermal index of commercial and residential buildings. Combined with energy consumption and other information, Satellite Vu's thermal imagery will provide these businesses with indications of how efficient their infrastructure structure is, identify where heat is being wasted and guide where energy improvement retrofit investments will have the biggest impact. Satellite Vu is due to launch its first spacecraft in June 2023. [link]

Arqit completes $20m registered direct offering

Having entered into a definitive securities purchase agreement with several institutional investors, Arqit, a NASDAQ-listed quantum encryption technology company, completed the sale and purchase of 10 million shares at $2.00 a share attached with rights to buy 7.5 million warrants at the same price. The proceeds will be used for enhancing international customer service capabilities in support of the growth of its recently announced channel partnerships.  The closing piece of the Arqit shares on 28 February 2023 was $1.24. SSIT previously reduced its exposure to Arqit in November 2022, selling 20% of holding at $8.48. [link]

Pixxel listed among Fast Company's 10 most innovative space companies

Fast Company published its 10 most innovative space companies, among which is Pixxel, an Indian space data company. Pixxel was featured in this list for "expanding the spectrum of earth-imaging satellites". Its satellites capture images in more than 150 bands of colour from the visible and infrared spectrums at a resolution of 10 meters per pixel. This exceeds that of hyperspectral satellites launched by NASA and the European Space Agency. [link]

The potential of ICEYE: How SAR technology helps insurers stay ahead of natural disasters

An article by Barbara Peterfi from ICEYE explains how Synthetic Aperture Radar (SAR) technology is helping insurers stay ahead of natural disasters. SAR technology offers new levels of insight into how catastrophes manifest worldwide. ICEYE is a leading provider of SAR technology, with live capabilities for flood and wildfire. [link]

Podcasts & Media

·    Seraphim Space published episode three of the Generation Space Podcast, entitled 'Building a digital space infrastructure in the sky'. Mark Boggett and James Bruegger, CEO and CIO, respectively, of Seraphim Space, set out the Seraphim Space thesis for 'Why space, why now?'. [link]

·    Dr Maureen Haverty, Seraphim Space Vice President, was quoted in The Next Web (TNW) discussing the space start-up scene in Europe. [link]

·    Trisha Saxena, Seraphim Space investment analyst, published an article on Medium setting out how space data is driving change across the entire insurance industry value chain. [link]

·    Reuters covered the Generation Space Accelerator in San Francisco. [link]

·    Dr Maureen Haverty and Trisha Saxena discussed some of the major trends revealed in Seraphim Space's Q4 space index. [link]

Conferences

·    Dr Maureen Haverty spoke at the 'Health from Space' conference to explore how research, development and manufacturing in space will assist pharmaceutical, cosmetics, medical and biotechnology industries.

·    Rob Desborough spoke at the Global Space and Technology Convention in Singapore.

SSIT Announcements Post-February 2023

Interim results

SSIT announced its interim results for the six months ended 31 December 2023. [link]

Statement on Silicon Valley Bank

In relation to the recent events concerning Silicon Valley Bank ("SVB"), SSIT confirmed that neither it nor the Manager bank with SVB and that portfolio companies use SVB as their primary banking provider. The Company does not anticipate that the recent SVB events will have any impact on the Company's NAV. The Manager will continue to closely monitor the situation and the Company will update the market as appropriate. [link]

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") 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