RCS - Seraphim Space I.T. - SpaceTech Sector Newsletter – December 2024

Seraphim Space Investment TrustAnnouncement

09/01/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250109:nRSI6522Sa&default-theme=true

RNS Number : 6522S  Seraphim Space Investment Trust PLC  09 January 2025

SERAPHIM SPACE INVESTMENT TRUST PLC

(the "Company" or "SSIT")

SpaceTech Sector Newsletter - December 2024

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 December 2024.

Portfolio Update

ICEYE secures $65m in growth funding, totalling $158m in 2024, and partners
with Space42

In a strong show of confidence from investors, ICEYE successfully closed an
additional $65m extension to it growth funding round. This brings the
company's total raised in 2024 to $158m. The new capital will fuel the
expansion ICEYE's of Synthetic Aperture Radar (SAR) satellite constellation,
significantly boosting its data capabilities. With this funding, ICEYE aims to
solidify its position as a leader in providing actionable Earth observation
solutions, continuing to innovate and expand its services for clients
worldwide, a bold strategic move. [Read more]
(https://www.iceye.com/press/press-releases/iceye-closes-65m-extension-to-existing-growth-funding-round-for-a-total-of-158m-raised-in-2024?utm_content=319715644&utm_medium=social&utm_source=linkedin&hss_channel=lcp-4856503)

ICEYE has also partnered with Space42, a UAE-based, AI -powered SpaceTech
company, to launch a satellite manufacturing facility in the UAE. This joint
venture marks a significant step in ICEYE's global expansion, as it focuses on
fostering local collaborations in the Middle East and strengthening its global
footprint. [Read more]
(https://www.iceye.com/press/press-releases/space42-and-iceye-announce-joint-venture-to-bring-satellite-manufacturing-to-the-uae?utm_content=318736419&utm_medium=social&utm_source=linkedin&hss_channel=lcp-4856503)

Pixxel secures $24m in Series B extension, strengthening its position in Earth
observation

Pixxel, a leader in hyperspectral imaging, raised $24m in a Series B extension
round, reinforcing its role in the rapidly growing Earth observation industry.
This latest funding round will support the continued development and
deployment of Pixxel's constellation of hyperspectral satellites, designed to
capture detailed data across an expansive range of wavelengths. [Read more]
(https://payloadspace.com/pixxel-raises-24m-for-hyperspectral-data-biz/)

The potential applications for Pixxel's technology are vast, spanning critical
sectors such as agriculture, climate monitoring and natural resource
management. By offering insights that traditional imaging methods cannot,
Pixxel is poised to drive transformative change in how we address some of the
world's most pressing challenges. As the company advances its innovative
approach to Earth observation, it highlights the crucial role of hyperspectral
imaging in shaping a sustainable future.

SatVu secures $20m to boost thermal imaging capabilities and fight climate
change

SatVu has successfully raised $20m to expand its high-resolution thermal
imaging capabilities, advancing its efforts to tackle climate change. The
funding will bolster the company's ability to deliver near real-time insights
on energy efficiency, industrial emissions and heat waste, helping industries
and governments drive sustainable change. This investment will accelerate
SatVu's growth and further establish its satellite-based solutions as a
critical tool in addressing global climate challenges. [Read more]
(https://www.satellitevu.com/news/satvu-secures-20m-cash-injection-to-expand-high-resolution-thermal-imaging-for-global-climate-action)

AST SpaceMobile secures landmark 10-year deal with Vodafone for
direct-to-device satellite services

AST SpaceMobile has entered into a significant 10-year commercial agreement
with Vodafone to deliver direct-to-device satellite communication services.
This partnership will extend mobile connectivity to underserved and remote
regions, harnessing AST SpaceMobile's cutting-edge satellite technology. The
agreement strengthens AST SpaceMobile's mission to bridge the digital divide,
offering reliable mobile services across vast and hard-to-reach areas. By
combining Vodafone's global network with AST SpaceMobile's satellite
capabilities, the partnership aims to create seamless connectivity worldwide.
[Read more] (https://www.businesswire.com/news/home/20241208628293/en/)

Xona named one of TechCrunch's most disruptive startups of 2024

Xona has been named one of TechCrunch's most disruptive startups for 2024. The
company is developing a commercial Positioning, Navigation, and Timing (PNT)
service through a constellation of low-Earth orbit satellites. Its technology
is poised to transform industries by providing secure navigation and timing
services for autonomous vehicles, unmanned aerial vehicles, mobile robotics
and other critical applications. Xona's GPS precision navigation technology is
set to revolutionise everything from defence to commercial sectors. [Read
more]
(https://techcrunch.com/2024/12/13/the-51-most-disruptive-startups-of-2024/)

SpaceX Bandwagon-2 mission launches 30 satellites, featuring SSIT portfolio
companies HawkEye 360, ICEYE and Tomorrow.io

The Bandwagon-2 mission, launched on 21 December 2024, from Vandenberg Space
Force Base, carried 30 satellites, including key payloads from SSIT portfolio
companies HawkEye 360, ICEYE and Tomorrow.io. HawkEye 360 sent three
satellites for radio-frequency intelligence, while ICEYE contributed two
high-resolution Synthetic Aperture Radar (SAR) satellites and Tomorrow.io
launched its fifth and sixth microwave sounder satellites. The mission also
included the South Korean military's third '425 Project' reconnaissance
satellite and a CubeSat from the Irvington High School Girls in STEM Club. The
Falcon 9 rocket's first stage successfully landed back at the launch site just
eight minutes after liftoff. SpaceX's Bandwagon missions deploy satellites
into mid-inclination orbits, setting them apart from transporter missions,
which target sun synchronous orbits. [Read more]
(https://seraphimspace.passle.net/post/102jryb/hawkeye-360-tomorrow-io-and-iceye-launch-new-satellites-onboard-spacexs-bandwag)

SpaceTech Sector News

SpaceX hits groundbreaking $350bn valuation, solidifying its industry
leadership

SpaceX reached a $35bn valuation, further solidifying its position as a leader
in the space industry. This milestone follows a recent stock buyback
initiative, which helped strengthen the company's ownership structure. The
valuation underscores growing investor confidence in SpaceX's ambitious
ventures, including the development of its Starship spacecraft and the
expanding Starlink satellite network, which now serves millions of users
globally. The valuation would rank it among the top 25 companies in the
S&P 500 by market capitalisation. SpaceX is on track to become one of the
world's most valuable companies. This remarkable growth not only signals a
bright future for SpaceX but also sets a strong precedent for other industry
leaders in sectors like climate, energy, defence, AI, weather, robotics, real
estate and mobility. [Read more]
(https://www.theguardian.com/science/2024/dec/11/spacex-valued-at-350bn-as-company-agrees-to-buy-shares-from-employees)

Trump nominates Jared Isaacman as NASA administrator, signalling stronger
public-private space collaboration

President-elect Donald Trump has nominated entrepreneur and private astronaut
Jared Isaacman to serve as NASA administrator. Known for his leadership in the
commercial space sector, Isaacman has made a significant impact through
initiatives like SpaceX's Inspiration4 mission and the recent Polaris Dawn
mission. His nomination marks a shift toward deeper collaboration between
government agencies and private space ventures, underscoring the growing
influence of the commercial space industry in shaping the future of US space
exploration. [Read more]
(https://www.cnbc.com/2024/12/04/trump-nominates-jared-isaacman-for-nasa-administrator.html)

IRIS2: Europe's ambitious satcom constellation poised to rival Starlink

The European Space Agency (ESA) and the European Commission have finalised
contracts for Europe's ambitious €10.6bn satellite communications
constellation, IRIS2. The system will feature 290 satellites in low-Earth
orbit (LEO) and medium-Earth orbit (MEO). Led by a consortium that includes
two of SSIT's backers, Eutelsat and SES, the 12-year contract marks a major
milestone for the European space sector. IRIS2 opens up exciting opportunities
for innovative companies across the region, positioning Europe to compete in
the growing satcom market alongside players like SpaceX's Starlink. [Read more
(https://defence-industry-space.ec.europa.eu/eu-space/iris2-secure-connectivity_en)
]

2024 space markets review: A landmark year for SSIT portfolio companies

The space market experienced significant growth in 2024, fuelled by strong
venture capital investment in private markets and a resurgence of space SPACs
in public markets. Among the 15 largest space startup funding deals in 2024,
five were from US companies, five from Chinese firms, four from Europe and one
from Australia. The largest deal came from Shanghai Spacecom Satellite
Technology, which raised $943m. Notably, SSIT portfolio companies D-Orbit and
ICEYE were among the top 15. D-Orbit secured $166m, while ICEYE raised $93m in
its April 2024 funding round, further cementing its leadership in providing
actionable Earth observation solutions. [Read more]
(https://payloadspace.com/space-markets-the-year-in-review-3/)

Media

Seraphim SpaceTech predictions for 2025

2024 was a transformative year for SpaceTech, with venture-backed companies
leading the charge in shaping the industry's future. Key milestones included
SpaceX and AST SpaceMobile launching commercial satellites capable of
connecting directly to smartphones, unlocking the potential for global
satellite connectivity. Intuitive Machines made history as the first private
company to land on the Moon, while Varda completed the first Earth return
mission for its in-space manufacturing capsule. SpaceX continued to dominate
headlines, advancing Starship's test flights and supporting the first private
spacewalk on the Polaris Dawn mission. In response to rising geopolitical
tensions, governments worldwide increasingly relied on SpaceTech companies to
enhance security capabilities both on Earth and in space. This growing demand
for SpaceTech fuelled a surge in venture capital investments, with the sector
outpacing the broader market. As the industry looks ahead to 2025, experts
predict another year of groundbreaking advancements, with key trends set to
shape the future of SpaceTech. [Read more]
(https://seraphim.vc/news/seraphim-spacetech-predictions-for-2025/)

Seraphim Space and Generation Space Accelerator Mission 14 Investor Showcase

·           Mission 14 of the Seraphim  Space Accelerator
concluded a successful 12-week programme with an Investor Showcase. Pitches
from the founders of 10 global SpaceTech startups are now available for
viewing on the platform link below.

As at 30 September 2024, Accelerator alumni companies had raised a total of
$73m in equity funding. The largest deal was Starfish, which secured $29m,
while Constellation Global and Sateliot each raised over $10m. Additionally,
Sateliot signed a €30m loan agreement with the European Investment Bank
(EIB) to co-finance the rollout of its IoT satellite constellation.

[Register to watch here]
(https://events.ringcentral.com/events/seraphim-space-accelerator-investor-showcase-8ba6d26d-5259-47df-9ebf-37f1fd3a8542/registration)

Portfolio interview - short video: Paul McCarter, CEO of ALL.SPACE

Paul McCarter, CEO of ALL.SPACE, explores the hot topic of dual-use technology
in space. He discusses how the company's multi-link terminal is playing a
pivotal role in shaping the future of satellite communications. From
commercial to military applications, dual-use tech is transforming how we
think about space. [Watch here]
(https://seraphim.vc/generation-space/fireside-in-the-final-frontier-dual-use-the-challenges-of-duel-use-technology-in-space-with-all-space/)

Portfolio interview - short video: Steve Young, President of ICEYE

·           Steve Young, President of ICEYE, provides an in-depth
look at Synthetic Aperture Radar (SAR) technology and examines how it is
revolutionising Earth observation. [Watch here]
(https://seraphim.vc/generation-space/fireside-in-the-final-frontier-the-value-of-synthetic-aperture-radar-sar-technology-with-iceye/)

Conferences

·           The Economist's Space Economy Summit: Seraphim Space VP
Lewis Jones is speaking at the SmallSat Symposium on 4 February 2025 in
Silicon Valley.  Details  (https://smallsatshow.com/)

SSIT in the news

·           SSIT emerged as one of 2024's top-performing investment
trusts, delivering an impressive total return of 58.1%. This success is
attributed to the trust's strategic focus on innovative space technology
companies. By capitalising on the growing interest in space-related
industries, SSIT has solidified its position as a leader in SpaceTech
investments, showcasing the potential of this rapidly evolving market. [Read
more]
(https://www.thetimes.com/business-money/companies/article/petershill-crowned-uks-best-performing-investment-trust-0bzhc7whv?utm_source=chatgpt.com)

 

Find out where to meet and hear from Seraphim Space's team by following its
social media, LinkedIn (https://www.linkedin.com/company/seraphim-space/) /
Twitter (https://twitter.com/seraphim_space?lang=en) .

Sign up to receive Seraphim Space's monthly newsletter directly to your inbox.
[Sign up]
(https://seraphim.us16.list-manage.com/subscribe?u=e0d06c32336837b2b89cf44ae&id=68130aa2bb)

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 (mailto:seraphim@secnewgate.co.uk)
 Emma Kane / Clotilde Gros / George Esmond                 +44 (0) 20 3757 6767
 Deutsche Numis
 Mark Hankinson / Gavin Deane /David Benda / Vicki Paine   +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 (mailto: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's shares are traded on the London Stock Exchange.

Further information is available at: https://investors.seraphim.vc
(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 and Seraphim Space Ventures
II LP.

Further information is available at www.seraphim.vc (http://www.seraphim.vc) .

About Seraphim Space 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 (http://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
(http://www.generation.space) .

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAPKFBNOBKDPDK