TIDMSSIT
Seraphim Space Investment Trust PLC
08 August 2023
SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")
SpaceTech Sector Newsletter - July 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 July 2023.
SSIT Portfolio Update
Hawkeye 360 raises $58m Series-D funding round led by BlackRock
and signs a deal with Australia and other nations of the Pacific
Islands Forum Fisheries Agency
Hawkeye 360, the largest global commercial operator of
remote-sensing satellites for RF (radio frequency) analysis,
announced a raise of $58m in a Series D-1 round led by funds and
accounts managed by BlackRock. Hawkeye 360 uses RF data collected
by a fleet of satellites to geolocate electronic emissions and draw
insights. The funding will be used to extend their leadership in
global security and sustainability applications. [link]
HawkEye 360 also signed a deal with Australia and other nations
of the Pacific Islands Forum Fisheries Agency to help combat
illegal, unreported and unregulated fishing in the South Pacific.
[link]
Constellr raises EUR17m in Seed funding
German thermal satellite data startup Constellr announced a
raise of EUR17m in seed funding. Constellr plans to accelerate the
deployment of its shoebox-size thermal imagery satellites to meet
the growing demand for smart farming services that assess
vegetation, soil health and other food security issues. [link]
Spire Global teams up with OroraTech to launch a fleet of
wildfire-monitoring satellites and its Space Services division
chosen for ESA satellite contract
The past few wildfire seasons in the United States and Canada
have been some of the most dangerous on record. Spire Global and
OroraTech have announced that they will put a constellation of
eight global temperature and wildfire-monitoring satellites into
orbit by mid-2024. The satellites will not just monitor active
wildfires; they will also identify areas at risk of wildfires areas
that OroraTech says are increasing due to climate change. Insights
collected will benefit not only first responders but also the
insurance and energy sectors. [link]
Spire Global's Space Services business also announced it had
signed a EUR16m with the European Space Agency for the EURIALO
Project. Spire Global will build an initial LEO (low earth orbit)
demonstrator satellite for the agency with instruments capable of
collecting RF signals from aircraft to triangulate their exact
position over the Earth. [link]
SpaceTech Sector News
Seraphim Space releases the Seraphim Space Index for Q2 2023
Seraphim Space released its quarterly review on the global
private investment in the SpaceTech ecosystem for the year to Q2
2023, showing an investment of $1.2bn in private capital into the
space industry in the quarter. [link]
Investment into SpaceTech is showing signs of recovery after the
decline in H2 2022. Activity remained strong, particularly at the
early stages, with the number of Seed deals growing almost 55%
increase year on year. Considering Q2 2023 in isolation, while the
number of deals was down by around 30%, capital deployed was
largely aligned with Q1 2023. This is indicative of a cautious
return to growth by investors, with an uptick in Series C stage
deals.
While Europe led the investment rebound at the beginning of this
year, Q2 saw a return to US deals leading investment activity. As
well as deal volume, the US continued to lead in magnitude, with
deal sizes around twice the size of those in Europe. Although the
US has 'reclaimed' the top spot, momentum built around European
investment has not diminished. European deal numbers grew by 60%
over the prior TTM (trailing 12 months) period and Asia grew by
79%. SpaceTech deals were increasingly represented globally, with
Asia making a mark.
While there was no return of frequent megarounds, the largest
deal closed in the quarter had a healthy increase to $200m
(Astranis).
Space Foundation releases its Q2 report on the state of the
global space economy
The Space Foundation reported that the global space economy grew
8%, reaching $546bn despite turbulent global markets. Commercial
growth climbed nearly 8%, reaching $427.6bn driven by international
defence spending which rose to 45% of government space budgets. The
Space Foundation believes the space industry is poised to bring in
upwards of $800bn by 2028, in part because of the surge in launch
activity in 2023 compared to the prior year. [link]
UK's Department for Science, Innovation and Technology (DSIT)
publishes its 'The Case for Space' report
The report, published by Know.Space , sets out how global
satellite services unpin at least 18% of UK GDP. Making the case
for how the space sector delivers substantial and varied benefits
across government, society and economy, supporting key markets and
services which citizens, firms and the government rely on every
day, playing a vital yet often hidden role. The authors state that
the space sector is undergoing a rapid, transformative change,
creating a new generation of opportunities, forecasted to be worth
more than $1tn within two decades. [link]
SpaceX mid range forecasts revealed
SpaceX forecasts 2028 revenue to hit $8bn and operating profits
to hit $3bn, according to a The Information report. [link]
NASA stimulates commercial tech development
NASA awarded 11 companies a combined $150m to support a
next-generation lunar base camp. This included $35m to Blue Origin
to continue developing its Blue Alchemist solution, which uses
electrolysis to manufacture solar cells from lunar soil. The
process also produces oxygen as a by-product. Redwire was allocated
$13m to prototype its lunar processing tech, which solidifies lunar
soil to create a foundation for lunar habitats, roads or landing
pads. [link]
Media & Podcasts
Video webinars
-- The Seraphim 100: Discover the Investment Landscape for Space
2016-2023 : Seraphim Space hosted a video interview on the changing
SpaceTech investment landscape. [link]
-- Space Data for Insurance. How it's changed the InsurTech game
: The modern insurance industry is changing rapidly, embracing
capability from space. Seraphim Space spoke to Amini, a space
startup company currently leading the development of a
purpose-built super-powered data infrastructure for Africa.
[link]
-- The Edison Group Vantage Interview : Mark Boggett , CEO at
Seraphim Space , discussed investing in innovative SpaceTech
companies . [link]
Podcasts: Episodes 4 and 5 of the Generation Space Podcast
'Portfolio Spotlight'
-- S2 Episode 4 - SSIT portfolio company HawkEye 360 with CEO
John Serafini : The series of interviews with the top 10 portfolio
companies of SSIT continues with John Searafini, CEO of HawkEye
360. HawkEye operates a first-of-its-kind commercial satellite
constellation to identify, process and geolocate a broad set of RF
signals. Backed this month by BlackRock, find out how this company
is supporting the fight against illegal fishing and helping address
the growing geopolitical tensions. [link]
-- S2 Episode 5 - SSIT portfolio company PlanetWatchers with CEO
Dominic Edmunds : Dominic Edmunds, CEO of PlanetWatchers (another
SSIT top 10 portfolio company) talks about supporting innovation in
the world of crop insurance. The podcast discusses how
PlanetWatchers turns months of manual assessment into minutes of
automated analysis to support insurance policies and validate
claims data. [link]
Conferences
-- DSEI Conference : 12 September 2023 in London, UK, with Mark
Boggett, CEO of Seraphim Sapce, speaking.
-- SuperReturn Asia (Asian Private Equity Conference): On 19
September 2023 in Singapore, with Mark Boggett, Seraphim Space CEO,
speaking.
Find out where to meet and hear from Seraphim Space's team by
following its social media , LinkedIn / Twitter .
Sign up to receive SSIT's monthly 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 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 .
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