Investment trust Seraphim Space (LON:SSIT) has deployed over £21 million of the £137 million raised through May’s bumper C share issue.
The SpaceTech-focused fund has put more money to work with two existing portfolio companies, namely Pixxel and Zeno Power.
The deployment demonstrates there is much more to Seraphim than its largest holding ICEYE, the high-flying Finnish satellite constellation operator.
The world’s first listed SpaceTech fund, Seraphim Space is opening access to a multi-trillion-dollar opportunity in the global SpaceTech sector. Seraphim recently rocketed into the FTSE 250 Index, reflecting the company’s growth since its IPO and increasing institutional recognition of SpaceTech as an investable asset class.
About Pixxel and Zeno Power
Indian satellite constellation operator Pixxel has received a follow-on investment of $25 million or £18.6 million from Seraphim Space. The company operates a hyperspectral Earth observation satellite constellation, using AI-powered analytics to deliver high-resolution geospatial insights to commercial and government customers.
Zeno Power has received a further $3.6 million or £2.7 million. This company is developing nuclear battery technology that provides reliable, long-duration power for applications where conventional energy sources are impractical. These include space missions and lunar surface systems.
Aligned with key themes
Mark Boggett, CEO of Seraphim Space Manager, said: ‘We are pleased to deploy capital into Pixxel and Zeno, two companies we know well through our longstanding involvement as existing investors.
‘Both businesses are aligned with key themes driving the next phase of growth in the space sector. Pixxel is advancing the next generation of AI-powered Earth observation while benefiting from the increasing importance of sovereign space capabilities and India’s emergence as a major force in the global SpaceTech market. Zeno is positioned at the convergence of nuclear power, defence and the emerging lunar economy.’
Positive progress
Boggett stressed that Seraphim Space continues to make good progress deploying the C share proceeds across an ‘attractive pipeline of investment opportunities’.
In addition, the trust remains on track to initiate a partial conversion of the C shares into ordinary Shares following the end of the current quarter.
In recent months, shares in Seraphim Space have slipped from a premium to net asset value (NAV) to a discount. This has created a compelling entry point for adventurous investors.
Managed by Boggett, James Bruegger and Rob Desborough, the trust backs private SpaceTech companies with the potential to dominate globally. Boggett and Bruegger believe the SpaceTech market is at a critical inflection point and that space is becoming an integral part of the AI revolution.
Contract wins and new funding rounds are driving the valuations of its portfolio companies higher. Besides ICEYE, the fund is flush with exciting businesses including Pixxel and Zeno, recent IPO HawkEye 360 (NYSE:HAWK), D-Orbit and Xona Space Systems. To discover more about the trust, watch our Podcast interview with James Bruegger below.
Learn more about Seraphim Space Investment Trust here: https://investors.seraphim.vc/
