TIDMSSIT
Seraphim Space Investment Trust PLC
05 June 2023
SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")
SpaceTech Sector Newsletter - May 2023
Seraphim Space Investment Trust plc (LSE: SSIT), the world's
first listed S paceTech investment company, publishes its monthly
Reach newsletter to provide updates, based on publicly available
information, on the Company, its portfolio investments, its Manager
(Seraphim Space Manager LLP (the "Manager" or "Seraphim Space") and
the wider SpaceTech market. The following newsletter covers May
2023.
SSIT News
Seraphim Space Investment Trust plc (LSE: SSIT), announced its
third-quarter results for the period ended 31 March 2023.
[link]
Q3 Highlights
-- On 31 March 2023, the Company had investments in 29 SpaceTech companies.
-- The portfolio remains well-capitalised, and the Company had
cash reserves of GBP39m (18% of NAV) at 31 March 2023.
-- Underlying portfolio commercial progress is strong but
remains lumpy, with the top 10 companies (70% of NAV) growing
revenues by 34% in the six months to 31 March 2023 on a fair
value-weighted average basis.
-- Overall portfolio valuation slightly decreased by GBP0.5m to
GBP180.8m during the quarter, driven by an unrealised fair value
reduction of GBP1.3m, partially offset by investment of
GBP0.9m.
-- Portfolio fair value slightly down to 96.5% of the overall cost.
-- One follow-on transaction of GBP0.9m was completed during the period.
-- Net assets of GBP220m and market capitalisation of GBP90m as at 31 March 2023
SSIT Coverage Highlights
-- Mark Boggett, CEO of Seraphim Space, appeared on Edison TV
Executive Interview series to discuss the current state of the
SpaceTech investor landscape and huge opportunities in the sector
right now. [link]
-- Mark Boggett featured in Barron's article 'Space could be a
$Trillion business and here are the stocks to play it'. [link] .
Within the piece, Mark discusses the structure of Seraphim Space
LLP - space-focused venture-capital firm with a portfolio of 105
investments, including highlights in the SSIT portfolio such as AST
SpaceMobile which works to provide ultra-powerful network 5G speeds
everywhere on the planet.
SSIT Portfolio Update
ICEYE Announces Deal with UAE
ICEYE announced a deal with Bayanat, a listed company and
leading provider of AI-powered geospatial solutions, and Yahsat,
the UAE's flagship satellite solutions provider. They aim to build
an ambitious program to broaden the commercial opportunities across
the UAE Space Ecosystem. The programme aims to develop a
constellation of five LEO SAR (low Earth orbiting synthetic
aperture radar) satellites with the first satellite scheduled for
launch in Q1 2024. This constellation aims to deliver a consistent
data flow to support end-to-end solutions for SAR applications.
This collaboration will greatly enhance ICEYE's commercial
offerings by providing timely and precise geospatial insights to
various industries, thereby adding significant value. [link]
Satellite Vu Secures GBP13m Funding Boost
London-based Satellite Vu secured a GBP13m funding boost at a
premium to its previous valuation. Satellite Vu is a climate
technology specialist providing insights into energy efficiency and
carbon footprints, using thermal imaging to detect heat loss from
buildings anywhere on Earth. Molten Ventures led the Series-A2
round. SSIT was thrilled to continue to support Satellite Vu
alongside existing investors such as Lockheed-Martin and Earth
Sciences Foundation. Satellite Vu plans to launch its satellites
aboard SpaceX, Falcon 9, in June 2023. This round of funding will
be used to accelerate the provision of its services to clients.
[link]
D-Orbit in Italian Consortium Winning EUR256m In-orbit Servicing
Contract
Alongside Thales Alenia Space and others, D-Orbit is managing
activities related to the target satellite platform which is based
on its successful ION orbital transfer vehicle. D-Orbit will also
oversee the development of a refuelling system that could transfer
fluid from the servicer to the target satellite. [ li nk ]
Spire Global Announces Strong First Quarter 2023 Results
Spire has started 2023 with record results, continuing to make
strong progress towards profitability and positive free cash flow
in the next 10 to 16 months. Results exceeded its expectations,
surpassing $100m of annual recurring revenue and reaching $104.8m,
an increase of 28%. Spire ended the quarter with 781 customers
under contract, a net increase of 48 customers from 31 December
2022. [link]
QuadSAT Completes Large Antenna Testing Mission
QuadSAT worked with Telespazio to perform the radiation pattern
measurements of a large, 17-metre antenna. The radiation pattern
measurements enabled QuadSAT to provide Telespazio with important
data about the performance of the antenna, as well as extracting
information on the shape and size of the main beam and the level
and position of sidelobes. This has enabled the operator to ensure
the antenna is operating at optimum efficiency. Quality assurance
and reliability are critically important for satellite
communication service providers . [link]
SpaceTech Sector News
Seraphim Space Accelerator (EU) and Generation Space Accelerator
(US) Launch Cohort #11
The space accelerator programme is a three-month programme
operated by Seraphim Space that supports fledgling SpaceTech
companies access capital. The latest cohort features nine startups
looking to develop key relationships with some of the world's
leading corporates and agencies operating in the space sector as
they raise capital to commercialise their technology. Since 2018
the programme has helped 81 startups raise over $270m from 90+
venture capitalists, demonstrating the growth and innovation within
the SpaceTech sector. The accelerator's 11th cohort is the
accelerator programme's most geo-diverse yet, including the first
startup dedicated to the African space economy to join the
programme. [link]
UK Leads Europe in Race for Space Investment, PWC Report
Finds
A PwC-UK Space Agency report revealed the UK is the most
attractive destination for private investment in space after the
US. [link]
Key findings were:
-- Nine of the largest UK venture capital firms have invested in space since 2015.
-- Key areas of investment in the UK are Earth observation,
manufacturing and satellite connectivity.
-- Growth is expected to increase by 11% every year to 2030 across the global space ecosystem.
-- 95% of space investments were in revenue-generating companies
in 2022 compared to 56% in 2015, demonstrating the growing maturity
and demand of the sector.
Space M&A
-- Viasat received FCC approval for its acquisition of Inmarsat.
The acquisition will allow the company to diversify satellite
services revenue with a bigger emphasis on mobility. The operator
recently launched its long-awaited ViaSat-3 satellite, the first of
three high-capacity Ka-band satellites that will give the operator
global coverage. [link]
-- Advent International acquires Maxar Technologies. [link]
Listed Space Results
The table below shows the reported revenue growth for listed
space companies, including those that are part of the SSIT
portfolio. Overall, there has been an average 25% revenue growth
for the listed companies which bodes well for the continued growth
and developed of the industry.
Revenue growth listed space companies ($m)
-- Terran Orbital's ($LLAP) 115
-- Planet Labs ($PL) 46
-- Satellogic ($SATL) 42
-- Redwire 38
-- Spire Global 34
-- BlackSky ($BKSY) 32
-- Kratos ($KTOS) 23
-- SES 10
-- Rocket Lab's ($RKLB) 6
-- Virgin Galactic ($SPCE) 0
-- Astra ($ASTR) 0
-- Airbus Defence & Space -6
-- Echostar -12
Average Growth 25
Fun Facts
-- New record set for the most people to be simultaneously in
orbit - 17 people from five different countries on 30 May. [ link
]
-- The second ever commercial astronaut mission to the
International Space Station took the first Arab woman into space.
Two Saudi Arabian astronauts marked a historic first for the
Kingdom and highlighted its aspirations to become a global space
power. [link]
-- SpaceX's Starlink internet service has surpassed 4,000 satellites in orbit. [ link ].
-- Europe announced its own broadband constellation to address
the challenges of Starlink. A broad group of EU competitors formed
an alliance to take on the mighty SpaceX. [ link ]
Media & Podcasts
Webinar
-- Why Space, Why UK, Why Now - Featuring Paul Bate, CEO UK Space Agency
With the UK attracting more investment in space projects than
any other country, excluding the US and China, the UK space
industry is booming. This live webinar featured the CEO of the UK
Space Agency, Paul Bate, and Seraphim Space CEO, Mark Boggett. They
discussed the current landscape of the UK space industry and what
is on the horizon. [link]
Podcasts: Series 2, Episodes 1 & 2 of the 'Generation Space
Podcast- 'Portfolio Spotlight'
-- Episode 1: SSIT portfolio company Astroscale with CEO Nobu Okada
Nobu is the Founder and CEO of Astroscale, the first and the
leading private company with a vision for the safe and sustainable
development of space for the benefit of future generations and is
solely dedicated to on-orbit servicing across all orbits. Listen to
discover what the future holds for the company and why it's so
important to have a solution to space junk. [link]
-- Episode 2: SSIT portfolio company Voyager with CEO Dylan Taylor
Dylan is the Chairman and CEO of Voyager Space and an active
pioneer in space exploration - he is a CEO, investor, and
commercial astronaut. Find out all about Dylan's journey into the
space industry and what his mission is for Voyager. Voyager Space
is a space exploration company dedicated to building a better
future for humanity in space and on Earth. Voyager is powering the
commercial space revolution. Voyager delivers space station
infrastructure and services and technology solutions to commercial
customers and civil and national security agencies. [link]
Seraphim Insights
The following insight pieces from the Seraphim team discusses
the ongoing development and growth of investment in the Space
industry:
-- Rob Desborough, CEO of the Seraphim Space Accelerator,
featured on Singapore's MoneyFM radio Bigger Picture: Why Investing
in Space is Key to ESG. [link]
-- Seraphim Investment VP Dr Maureen Haverty joined Steve
Sponseller on the Tech Leader Talk Podcast 'Tips for Funding Your
Space Tech Company'. [link]
-- Seraphim Space CEO Mark Boggett spoke with Morgan Brennan on
her CNBC podcast Manifest Space 'The Capital Comeback'. [link]
-- Dr Maureen Haverty spoke for Funds Europe 'Investing in
Space: Europe's growing space sector' discussing the Seraphim Space
Index Q1 2023 and what this means for investors. [link]
Conferences
Find out where to meet and hear from the Seraphim Space team by
following its social media LinkedIn / Twitter
Sign up to receive the monthly Seraphim Newsletter direct to
your inbox [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)
seraphim@secnewgate.co.uk
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 seraphimteam@ocorian.com
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
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