Seraphim Space Investment Trust PLC – London-based investor in ‘SpaceTech’ companies, such as space-based mobile phone connectivity – Seraphim deploys USD30 million from its recent GBP137 million C share equity raise into a new portfolio company. Hubble Network Inc is an existing portfolio holding of Seraphim Space Venture Fund II, Seraphim’s early-stage venture fund. Hubble is building a satellite-powered Bluetooth network. This will allow existing Bluetooth-enabled devices with standard off-the-shelf Bluetooth low energy chips to connect directly to space without cell towers, gateways or custom hardware. The new technology will open up opportunities across asset tracking, logistics, supply chain management, and industrial monitoring, Seraphim says.
The Hubble investment takes deployment of the recent C share proceeds above GBP40 million, the threshold for partial conversion of the C shares into ordinary shares, notes James Bruegger, chief investment officer for Seraphim Space Manager LLP.
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12-month change: up from 82.80p
By Tom Waite, Alliance News editor
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