Investment group Seraphim Space has announced the first close of its second early-stage space tech venture fund.
The Seraphim Space Venture Fund II (SSV II) will back early-stage space tech startups from seed to Series A round. A Seraphim spokesperson declined to comment on the target size of the fund, but said it would be larger than the £70m the firm secured for its first fund in 2016.
The fund will focus on areas including the application of AI for climate monitoring satellites, using microgravity for biomedical research, creating space-based networks for on-orbit edge compute, internet and communications and data relay.
The spokesperson added that the amount closed so far is “material in size” and includes strategic investors such as Eutelsat, JSAT and NEC.
Seraphim has also sold 100% of the interest in the nine startups on the Seraphim Space Investment Trust plc portfolio to SSV II for a £3.8m stake in the fund.
“With our investment-readiness-focused accelerator helping startups to reach the launch pad, the new fund providing ignition for lift-off, and our listed growth fund providing the fuel to achieve escape velocity, we have a unique offering to help our companies sky-rocket,” said Mark Boggett, CEO and general partner at Seraphim Space.
“By focusing on investing globally and at an early stage, the new fund will strengthen our ability to support space tech’s brightest stars through every step of their journey.”
Seraphim is looking to build a portfolio of 30 companies for SSV II, building on existing investments such as ATOMS, a space cargo return service, Auriga, an electro-magnetic launch system and Delos, a wildfire home insurance provider using space data.
“Investors are increasingly recognising space tech’s outlier potential with record numbers of VC investments being closed every quarter,” said James Bruegger, chief investment officer and general partner at Seraphim Space.
“By helping to turn science fiction into science fact, the companies we are aiming to back with the new fund hold the promise of unlocking the future – and in the process, themselves becoming planetary scale successes.”
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