Seraphim Space deploys first capital from £137m C share raise

Seraphim Space Investment Trust (SSIT) – the world’s first listed SpaceTech investment company – today announced the first deployment of capital raised through its £137 million C Share issue.

SSIT has initially deployed the capital raised into Pixxel and Zeno, with follow-on investments of $25 million (£18.6 million) in Pixxel and $3.6 million (£2.7 million) in Zeno Power, both existing Ordinary Share portfolio companies.

AI-powered hyperspectral imaging

Pixxel is building and operating what it believes to be the world’s highest-resolution commercial hyperspectral Earth observation constellation, supported by its AI-powered Aurora analytics platform.

Its satellites capture data across hundreds of spectral bands, enabling customers to identify material signatures and generate insights not visible through conventional satellite imagery, with applications across agriculture, forestry, mining, energy, environmental monitoring, disaster response and national security.

As governments and businesses face growing challenges around climate resilience, resource security, infrastructure monitoring and national defence, demand for higher-quality Earth observation data continues to increase. Organisations are no longer looking simply for images of the Earth, they require deeper intelligence that can support faster and more informed decision-making. Hyperspectral imaging addresses this need by analysing hundreds of wavelengths of reflected light, enabling users to identify material signatures, environmental changes and industrial activity that may be difficult or impossible to detect using conventional Earth observation methods.

Since SSIT’s initial investment in 2022, Pixxel has evolved from a hyperspectral satellite company into a vertically integrated space infrastructure business with operations in both the US and India. In addition to launching its first hyperspectral imaging constellation, the company has built in-house satellite manufacturing capability and secured landmark Indian government contracts and is positioning itself as a specialist SpaceTech company serving both commercial and sovereign customers globally.

Energy for the space environment

Zeno Power is developing commercial radioisotope power systems that provide reliable, long-duration energy in environments where conventional power sources are impractical. Applications of its nuclear battery technology in space include powering lunar surface systems which must survive fortnightly cycles of darkness.

By harnessing the heat from radioisotopes, Zeno’s technology is designed to enable critical missions in harsh and energy-constrained environments on Earth, in space and at sea. The company is developing nuclear battery systems for government and commercial customers, with initial deliveries expected in 2027.

Across maritime and defence, Zeno’s tech can also be used to power persistent seabed sensor networks, undersea communications systems and charging stations for autonomous undersea vehicles, supporting the resilience and protection of critical national infrastructure. Zeno has already secured contracts with NASA, the US Navy and US Space Force to develop its nuclear batteries for lunar, satellite and seabed applications.

Future investment strategy

Seraphim Space Manager LLP is based in the UK and manages Seraphim Space Investment Trust plc. Mark Boggett, Chief Executive Officer of Seraphim Space Manager LLP, said: “These investments mark an important milestone in the execution of the strategy outlined as part of our successful £137 million C Share fundraising in May. We are pleased to deploy capital into Pixxel and Zeno, two companies we know well through our longstanding involvement as existing investors.

“Both businesses are aligned with key themes driving the next phase of growth in the space sector. Pixxel is advancing the next generation of AI-powered Earth observation while benefiting from the increasing importance of sovereign space capabilities and India’s emergence as a major force in the global SpaceTech market. Zeno is positioned at the convergence of nuclear power, defence and the emerging lunar economy.

“We continue to make good progress deploying the C Share proceeds across an attractive pipeline of investment opportunities and remain on track to achieve our objective of initiating a partial conversion of the C Shares into Ordinary Shares following the end of the current quarter.”