TIDMSSIT
Seraphim Space Investment Trust PLC
09 January 2024
SERAPHIM SPACE INVESTMENT TRUST PLC
(the "Company" or "SSIT")
SpaceTech Sector Newsletter - December 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 December 2023.
Third Party Research
Edison: SpaceTech enjoying sustained secular tailwinds
SSIT saw a 12-month share price decline of c.30%, while its NAV
fell by only 7.1% in FY23 (to end-June 2023), shielded in part by
the downside protection embedded in its investments via preference
shares and only one down round out of 11 funding rounds completed
by SSIT's portfolio companies in FY23. Moreover, NAV per share
rebounded by 3.9% in Q124, driven by FX gains and fair value
uplifts on the back of new funding rounds (D-Orbit's in
particular). This resulted in a further widening of the discount to
NAV to c.65%, which is now wider than for other listed venture
capital (VC)/growth capital trusts and limited partner (LP) VC
portfolios trading on the secondary market in H123. Both SSIT's
holding-level and portfolio-level liquidity look solid, with
end-September cash of GBP29.7m (13% of NAV) and an average 18-month
cash runway across its material holdings. [Read more]
Deloitte: SpaceTech report - Launching the ultimate emerging
market
Deloitte's latest Tech Trends report, positioning SpaceTech as
the ultimate emerging market. The report concludes that, alongside
SpaceTech, BioTech, RobotTech and EnergyTech will have similarly
profound trajectories. Deloitte anticipates that many of tomorrow's
most lucrative investment opportunities will lie at the
intersections of these technology categories. Leaders willing and
able to capitalise on the "spaces between" these domains will not
just be market-takers, but market-makers - not just betting on the
future, but building it. [ Review report ]
SSIT Portfolio Update
HawkEye 360 expands through the acquisition of Aurora Insights
from Maxar Intelligence
HawkEye 360, the world's leading defence technology company for
space-based radio frequency (RF) data and analytics, announced the
acquisition of RF Solutions from Maxar Intelligence. RF Solutions
was formed from the Aurora Insight acquisition that Maxar
Intelligence completed in January 2023. With this acquisition,
HawkEye 360 now owns two further RF satellites, increased RF
scanning intellectual property and a multi-year global RF database
which will enhance customer understanding of the signal activity
occurring in each region of the world. The technology from the
former Aurora Insight team will enhance ability to efficiently scan
active frequencies regionally, adding depth to an already rich
global RF database. With a bolstered constellation of 23
satellites, HawkEye 360 is even better equipped to detect,
characterise and geolocate a wide range of RF signals, deepening
understanding of global signal activities. HawkEye 360 will
continue expanding its constellation to address clients' increasing
demands for RF intelligence, aiming to launch a dozen more
satellites in 2024. [Read more]
SatVu's climate satellite HOTSAT-1 suffers anomaly in orbit
SatVu, the trailblazing climate SpaceTech company, announced an
anomaly which is expected to impact ongoing operations in the
mission of its pathfinder satellite, HOTSAT-1. This test satellite
was launched to map heat loss from buildings and in October
returned its first images revealing the sun baked streets of Las
Vegas and the intense heat of Canadian wildfires. HOTSAT-1 is
designed to be the first satellite in a planned constellation,
providing invaluable insights into economic activity and our
climate. SatVu's world-first high resolution thermal images
represent a completely new category of earth observation data. With
the technology, resolution capability and customer demand now
proven management are focused upon launching the broader
constellation. The satellite was fully insured and the company is
already in advanced discussions around the launch of its second
satellite - HOTSAT-2 . [Read more]
SpaceTech Sector News
Seraphim SpaceTech Predictions 2024
TechCrunch covered the Seraphim Space predictions for the space
sector. In 2024, Seraphim Space sees the global space sector
undergoing a transformative shift, marked by intensified
geopolitical tension, with nations turning to space to enhance the
independence of their defence capabilities. The pursuit of space
sovereignty, from sending astronauts to orbit to fostering domestic
launch capabilities, defines the year ahead, creating a new realm
of 'astro politics'. Defence departments globally, led by the US
Department of Defence, will play a key role in propelling the
'NewSpace' market to unprecedented heights, fostering growth and
innovation. SpaceX will have a major impact on investor sentiment
particularly in relation to the mooted IPO of Starlink. As 2024
unfolds, the space sector will commence new groundbreaking
achievements, unlocking growth through return-to-Earth
capabilities, microgravity research and a global resurgence in
private investment led by private equity investors, sovereign
wealth funds and climate/impact-related investors . [Read more]
Seraphim Space Accelerator concluded with 'Mission 12: Investor
Showcase'
This event brought together the brightest minds in SpaceTech,
showcasing the presentations from the most recent cohort of
world-leading SpaceTech teams. Viewers witnessed ground-breaking
ideas, pioneering technologies and investment opportunities that
are set to shape the future of space exploration. Comprised of 10
innovative early-stage companies, each team presented how to
address critical opportunities within the SpaceTech ecosystem .
[Watch Showcase]
Media & Podcasts
Video presentation
-- Seraphim SpaceTech 2024 Predictions : Seraphim Space
investors Dr Maureen Haverty and Lucas Bishop discuss their
predictions for the industry in 2024 and their overview of 2023. A
challenging year for many sectors but the space sector continued to
grow at an unprecedented rate due to the critical nature of
technology and insight it provides. Find out what Seraphim Space
has been looking at and where it predicts development and growth in
2024. [Watch here]
Conferences
-- Middle East Space Conference: Seraphim Space CEO, Mark
Boggett spoke 8 January 2024 in Oman on 'Space Financing in the
Middle East'. [link]
-- GeoBiz Summit: Seraphim Space Investment VP Lewis Jones is
speaking on 9 January 2024 in California. [link]
Find out where to meet and hear from Seraphim Space's team by
following its social media, LinkedIn / Twitter .
Sign up to receive Seraphim Space's monthly newsletter directly
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 Numis
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 availabl e at www.generation.space .
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