On Monday, Isotropic Systems, a satellite broadband technology developer whose previous backers include SES and the U.K. Government, announced that it was successfully raised over $37 million in a Series B venture capital round, enough to fully fund the development of its multi-link antennas through to product launch in 2022. The round is led by Seraphim Space Investment Trust PLC – the world’s first listed space tech fund – in the first significant investment since its IPO on the London Stock Exchange in July.
The round also included participation from leading strategic and deep-tech venture capital investors including AEI HorizonX (the VC firm spun off from Boeing), Promus Ventures through its Luxembourg based space investment fund Orbital Ventures, and Firmament Ventures.
In a statement announcing the round on Monday, Isotropic Systems said the Series B round would enable it to bring its technology to market within the next 12 months.
“The strong interest we have received from across the industry has given us the confidence to accelerate our growth plans and bring forward the commercialization of our groundbreaking new terminals, harnessing the potential of the thousands of new satellites being launched across multiple orbits in the year ahead,” said Isotropic’s Founder and CEO John Finney.
“Isotropic Systems is a prime example of why we looked to list our new fund on the London Stock Exchange,” added Seraphim’s CIO James Bruegger. “With the Seraphim Space Investment Trust, we now have the financial firepower to double down with conviction on our highest potential investments. With its unparalleled ability to simultaneously connect to satellites in different constellations and different orbits, we believe that Isotropic Systems has the technology that will help unlock massive potential growth within the satellite communications market. We are delighted to be stepping up our support for this exciting business as it enters a critical phase in its development.”
“Isotropic Systems unlocks the industry’s ability to provide connectivity to the wave of next generation high-throughput satellites given Isotropic’s dramatic improvements in terminal capabilities at lower costs,” said AEI Horizon X Partner Brian Schettler, whose firm is an existing Isotropic backer. “The ability to affordably bring seamless and simultaneous connectivity to these new satellites across multiple orbits with different frequencies will be revolutionary, as well as critical to meet the growing demand for broadband data across the globe. We are pleased that our support will help enable this to become a reality.”
Isotropic says it has pioneered several firsts in satellite terminal design, resulting in a line of terminals that are customizable to meet the performance, cost and power requirements of countless applications, including complex government defense systems and mobile backhaul solutions capable of extending 5G, to next-gen connected experiences aboard commercial airliners, cruise ships, offshore rigs, and small fishing boats at sea.
Seraphim listed on the Premium Segment of the London Stock Exchange in July 2021, following an oversubscribed IPO that raised GBP 178.4 million. Its portfolio currently includes 17 Tech Space companies and has agreed to acquire investments in a further two companies by year end.
