[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]
Last year was a record year for the space industry with the Seraphim Space Index showing continued momentum from global venture investors who increased their investment in the sector by 21%. Total VC investment soared to $4.1bn during the year up from $3.25bn (2018) and $2.5bn (2017). The appetite for investment centred on the Launch and Constellation subcategories accounting for 75% of total investment.
The top 5 companies funded which, accounted for $1bn in both 2018 and 2017 were marginally ahead at $1.1bn in 2019, after excluding $1.25bn invested into a single company an outlier. The Index reported that 166 companies were venture financed during 2019, this is somewhat lower than the 183 companies in 2018 but ahead of the 130 companies funded in 2017.
Seven year old start-up One Web closed a huge $1.25bn round to build a worldwide internet delivered from space. SpaceX, raised a further $536m and also commenced the start of its own broadband constellation launching a record 120 satellites. The competition for delivering ubiquitous connectivity further ignited with tech giants Amazon and Apple both joining the space race planning their own broadband constellations.
Other notable investments in the Constellation (Data) category included $100m investment in Japanese start-up Synspective to develop their radar network and $70m in Hawkeye360 to develop their Radio Frequency mapping platform. 2019 marked the first year that the Constellation (Data) category eclipsed the Launch category with investment of $1.86bn versus $1.2bn respectively. One highlight in the launch category included the $140m into the 3D rocket printing company Relativity Space.
Elsewhere in the SpaceTech sector the other categories collectively saw total investment dip in aggregate by 7% from 2018 investment levels albeit still 14% ahead of 2017 figures.
As in previous years it was the US companies which received the majority of funding accounting for 63% of 2019 investment, after excluding the outliers of SpaceX and OneWeb. Asian companies accounted for 18% global share of investment with Europeans at 13%.
The index, which identifies average investment round sizes for each sub-sector, revealed that US companies continued to access materially larger rounds increasingly across Seed (+27%), Series A (+41%), Series B (+41%) and Series C (+43%). The Series A figures were calculated after excluding two Asian transactions that were outliers $141m Qianxun Spatial Intelligence (China) and $100m Synspective (Japan).
Looking at overall investment by stage Seed stage investments grew by 9% whilst A series rounds were flat at $700m. The growth rounds of B and C collectively saw a slight dip of 15% to $1.1bn whilst D+ series increased by 15% even after excluding One Web as an outlier.
We segment the Space Tech ecosystem into the following 8 categories:
Build – Building and selling satellites and drones. We look at both the hardware (sub-systems, complete platforms and novel sensors) and software (i.e. mission control, cybersecurity). New and novel materials that can make platforms lighter, cheaper and more efficient. Companies like Swissto12, CesiumAstro and Orbion Space Technology led the sector in 2019.
Launch – Building and launching rockets, offering launch aggregation and services. We also consider autonomous flight such as drone delivery. Companies like Relativity, Landspace and Isar Aerospace led the sector in 2019.
Data – Satellite constellations, high altitude pseudo satellite (HAPS) platforms and drones collecting and communicating proprietary data, across the three main applications of earth observation, communications and navigation. Companies like Synspective, HawkEye 360 and Spire Global led the sector in 2019.
Downlink – Technologies facilitating the transmission of data from space and aerial platforms back down to earth. This includes phased-array antennas, laser communications, inter-satellite data relay systems, quantum security and ground stations. Companies like Rinfon, Akash Systems and Isotropic Systems led the sector in 2019.
Analyse – Changing low level processed data into valuable insights, offering a subscription service to enterprise customers. Includes the analysis of data from space and aerial platforms using machine learning techniques. Companies such as Orbital Insight, Descartes Labs and Ursa Space Systems lead the sector in 2019.
Product – Packaging of different data streams (fusing space and terrestrial sources), tailored to specific use cases in discrete verticals. This includes data platforms such as space and drone traffic management, mapping platforms and precision location & tracking. Companies like Swissto12, CesiumAstro and Orbion Space Technology led the sector in 2019.
Beyond Earth – Technologies and infrastructure to enable in-space services for satellites and launchers, furthering space exploration efforts and research in microgravity environments. Companies like Astroscale, Momentus and Axiom Space led the sector in 2019.
We welcome comments from start-ups, if you have queries on the Space Tech Index please email firstname.lastname@example.org
The information contained on this website is intended only for investors who are resident in the United Kingdom who are not US Persons (as defined in the US Securities Act of 1933, as amended) (“US Persons”) and may not be accessed by persons who are located in the United States, Canada, Australia, Japan, any member state of the EEA or the Republic of South Africa. Viewing the materials you are seeking to access may not be lawful in jurisdictions other than the United Kingdom.
The information on this website is for information purposes only and does not constitute or form a part of any offer or invitation to sell or issue, or the solicitation of any offer to purchase or subscribe for, securities. The information on this website is general in nature and does not in any way constitute investment, tax, legal or other advice. If you are unsure as to whether the investments described on this site are suitable for you, we strongly recommend that you seek professional advice from a financial adviser before making any investment or financial decisions.
No securities of Seraphim Space Investment Trust plc (the “Company”) have been or will be registered under the US Securities Act of 1933, as amended (the “Securities Act”) or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States, or to or for the account or benefit of any US Person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. In addition, the Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended. There will be no public offer of securities in the United States.
If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately by clicking on the “Disagree” button below. The contents of this website must not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, outside the United Kingdom and in particular in or into the United States, Australia, Canada, the Republic of South Africa, any member state of the EEA, Japan or any other jurisdiction where the distribution of such materials would or may breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. Persons receiving any such materials (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, in whole or in part, forward, distribute or send them in, into or from any jurisdiction outside the United Kingdom. None of the Company, its directors, Seraphim Space (Manager) LLP (“Seraphim”) or any of their respective advisers accept any responsibility for any violation by any person of any of these restrictions.
In addition, the securities referred to on this website may only be offered in member states of the European Economic Area (each a “Relevant State”) to the extent that such securities (i) are permitted to be marketed into the jurisdiction of the Relevant State pursuant to the Alternative Investment Fund Managers Directive 2011/61/EU; or (ii) can otherwise be lawfully offered or sold (including on the basis of an unsolicited request from a professional investor (as that term is used in the Alternative Investment Fund Managers Directive 2011/61/EU)).
The information on this website is general in nature and may be subject to amendment and updating without notice. None of the Company, its directors, Seraphim or any other person guarantees the accuracy or completeness of any information on this website or accepts any responsibility or duty to update any information, document or announcement contained on this website, and each such person disclaims all representations and warranties, whether express or implied, to the greatest extent permitted by applicable law and regulation. By continuing to use this website, you agree to the exclusion by such persons, to the greatest extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, including, without limitation, loss of profits, revenue or data arising out of or relating to the provision of and your use of this website and its content.
None of the Company, its directors, Seraphim or any other person accepts any responsibility in respect of any information contained on any other website which may be linked to or from this website.
This website is governed by the laws of England.
By clicking the “I accept” button below, you confirm, represent and warrant to the Company, its directors and Seraphim that you are located in the United Kingdom, you are not a US Person and you are not a resident of, or physically present in, the United States, Canada, Australia, Japan, any member of the state of the EEA or the Republic of South Africa or any other territory where to do so would breach applicable laws, rules or regulations; you are not investing or otherwise acting for the account or benefit of a US Person or a resident of the United States or Canada, Australia, Japan, any member of the state of the EEA or the Republic of South Africa or any other territory where to do so would breach applicable laws, rules or regulations; you are accessing this website for information purposes only; you have read, understood and agree to the disclaimer above; and you agree that you will not transmit or otherwise send any of the information on this website to persons outside the United Kingdom, including to any persons in the United States or to publications with a general circulation in the United States.