TIDMSSIT
Seraphim Space Investment Trust PLC
04 October 2023
SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")
SpaceTech Sector Newsletter - September 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 September 2023.
SSIT News
Edison research on Seraphim Space Investment Trust: High demand
for space tech's disruptive potential
Seraphim Space Investment Trust released a trading update for
the year to 30 June 2023, ahead of the release of its annual report
in October 2023, reporting that its top 10 holdings saw their
revenues on average (weighted by portfolio fair value) increasing
by 32% year-on-year in the 12 months to June 2023, while bookings
went up by 188% over that period. The Company believes this
illustrates the growing interest in the disruptive potential of the
offering of these early-stage businesses across key secular themes,
such as global security and climate change. [link]
SSIT Portfolio Update
US Space Force awards $25.5m contract to Astroscale for
refuelling satellite mission
Astroscale US, a provider of on-orbit services to extend the
life of satellites, has signed an agreement with the US Space Force
to co-invest in an on-orbit refuelling vehicle. Col. Joyce Bulson,
project manager at Space Systems Command, said the agreement
includes $25.5 million in government funding, of which
approximately $12 million is to be provided by Astroscale. The
company will deliver in 24 months a "manifest ready" prototype
vehicle capable of refuelling a satellite in orbit, Bulson said in
an interview with SpaceNews. Astroscale, one of SSIT's largest
holdings, is headquartered in Japan. Its US subsidiary is based in
Colorado. The company focuses on space sustainability technologies
such as debris removal and on-orbit satellite services. [link]
AST SpaceMobile achieves space-based 5G cellular broadband
connectivity from smartphones
AST SpaceMobile is building the first and only space-based
cellular broadband network accessible directly by standard mobile
phones. In September, the company announced another unprecedented
leap in telecommunications by successfully making the first-ever 5G
connection for voice and data between an unmodified smartphone and
a satellite in space. This historic achievement was reached using
the BlueWalker 3 test satellite in collaboration with partners
Vodafone, AT&T and Nokia, and further shows promise for filling
coverage gaps in 4G and 5G broadband connectivity around the planet
from space. [link]
Delos Insurance raises $7.3m in seed extension round
Delos Insurance Solutions, which uses wildfire science and
satellite imagery expertise to solve homeowners' wildfire insurance
availability issues, announced a $7.3 million seed extension round.
The funding enables the company's expansion in the California
homeowners' insurance market. The seed extension round was led by
IA Capital Group with participation from Blue Bear Capital,
Gallatin Point Capital, SSIT, Avanta Ventures (the corporate
venture arm of CSAA Insurance Group), Red Dog Capital, DNX
Ventures, Robert Glanville and Jonathan Crystal . [link]
Ubotica Technologies partners with IBM for AI capabilities in
space
Space AI leader, Ubotica Technologies, is partnering with IBM to
leverage IBM cloud infrastructure and Watsonx.ai components,
intending to simplify the process for developers to get their
applications running on board a satellite. With a single click,
mutual customers will be able to securely deploy their AI models
directly to satellites that use the Ubotica CogniSAT (TM) platform.
These space-borne AI models are then used to generate insights from
data in space. The new approach offers considerable capital and
operational expenditure savings for satellite constellation
operators, and increased autonomy and decision-making capabilities
at the edge, with reduced dependence on ground systems. [link]
Spire Global tracking Ukraine's effort to export grain
The Wall Street Journal recently highlighted the role that Spire
Maritime's data plays in highlighting new routes Ukraine is using
to ship grain out of the country. In response to Russia's invasion
and the closure of the Black Sea Grain initiative, Ukraine is
working with the US and other countries to develop other routes
along the Danube River for transporting the country's grain
internationally. [link]
D-Orbit wins ESA Rising Star Award
D-Orbit was announced as the winner of the European Space Agency
2023 "Rising Stars" Award. The initiative aims to list the most
promising European space start-ups and scale-ups in its ecosystem.
The selection criteria are based on the credibility of the
company's business plan, the socio-economic impact of the activity
funded by ESA
and the alignment with ESA's strategic objectives. [link]
SpaceTech Sector News
NASA's first asteroid sample has landed
After years of anticipation, NASA's OSIRIS-REx, a capsule
containing rocks and dust collected from asteroid Bennu, has landed
on earth. It landed at 8:52 a.m. MDT on Sunday 24 September, in a
targeted area of the US Department of Defense's Utah Test and
Training Range near Salt Lake City. The mission took 7 years and
OSIRIS-REx travelled 3.9 billion miles to Bennu and back. These
rocks will help us understand the origin of
organics and water that may have seeded life on earth. [link]
Eutelsat completes OneWeb merger
Eutelsat completed its merger with OneWeb, combining LEO and GEO
capabilities to create a multi-orbit connectivity internet
powerhouse. The new company will leverage the reliability and
capacity of GEO coverage and OneWeb's low-latency LEO capabilities.
Eutelsat will be able to augment its high-cash flowing, yet
shrinking, TV business with OneWeb's fast-growing satellite
internet business. Pre-merger, Eutelsat's broadcast business made
up 62% of sales, but these declined 8.3% YoY. [link]
Building in zero gravity: The race to create factories in
space
NASA has given a $2m grant to scientists who want to see if
zero-gravity conditions can help produce new stem cell and gene
therapies. The defence company Northrop Grumman partnered with a
startup that aims to produce semiconductors in space. [link]
Media, Podcasts and Conferences
Media
-- City Wire: Seraphim Space spies recovery as volatility levels return to earth. [link]
-- Business Magazine: Seraphim Space Investment Trust hails
geo-diverse space accelerator programme as Africa joins space race.
[link]
Podcasts: Episodes 8 and 9 of the 'Generation Space Podcast -
Portfolio Spotlight '
-- S2 Episode 8: SSIT portfolio company Taranis' CEO, Opher
Flohr: Taranis is a leading precision agriculture intelligence
platform that uses computer vision, data science and deep learning
algorithms to effectively monitor fields at scale. Farmers lose up
to 30-40% of their yield every season due to crop diseases, insects
and weeds. Taranis' mission is to help these farmers maximise crop
yield, improve productivity and adopt sustainable practices.
[link]
-- S2 Episode 9: SSIT portfolio company D-Orbit's Founder &
CEO, Luca Rossettini: Luca Rossettini is a serial entrepreneur who
is passionate about seeking the profitable and sustainable
expansion of humankind in space. D-Orbit is operating in-space
logistics and developing and testing new technologies to extend the
life of satellites in orbit. [link]
Conferences
-- Seraphim Space CIO, James Bruegger, will be speaking at the
NORDEEP Summit on 11 October 2023 in Helsinki.
-- Seraphim Space CEO, Mark Boggett, will be speaking at The
Economist Space Summit on 11 October 2023 in LA.
-- Seraphim Space CEO, Mark Boggett, will be speaking at
Invest2Scale on 31 October 2023 in Edinburgh.
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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