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 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 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 £239m as at 31 December 2022. [link]

SpaceTech Sector News

UK Space Sector Income Reaches £17.5 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 £1 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 £17.5 billion in 2020/21, compared to £16.5 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)                                            [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