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Seraphim Space’s $25 million investment into Isotropic Systems

Written by: Christiana Okolie

Seraphim Space Investment Trust plc (LSE: SSIT), the world’s first listed fund focused on Space Tech, is pleased to announce an investment of USD $25 million into portfolio company Isotropic Systems (“Isotropic”), a leading developer of transformational 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 (“Seraphim”), raised more than $35 million. Other participants in the round included leading 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 successful 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 fuelling a $400bn potential industry.

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, has been appointed to the Isotropic Board.

James Bruegger, Seraphim Space (Manager) LLP, the Company’s investment manager, commented:

“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.

“Since listing on 14 July, Seraphim Space has already deployed in excess of £20 million from its initial fundraise into its portfolio companies and has multiple other transactions that are expected to close in the near term. This highlights our commitment to financing the best-of-breed companies we see as potential global leaders in Space Tech whilst offering investors a diversified portfolio of companies in the burgeoning Space Tech sector.”