Isotropic Systems raises $37 million ahead of commercial launch
Satellite terminal manufacturer Isotropic Systems has raised US$37 million in its series B funding round.
The round was led by the world’s first listed space tech fund Seraphim Space Investment Trust PLC and marks its first significant investment since its IPO on the London Stock Exchange in July.
The latest round included participation from strategic and deep-tech venture capital investors including AEI HorizonX, Promus Ventures through its Luxembourg based space investment fund Orbital Ventures, and Firmament Ventures.
The funds will bankroll the development of Isotropic's multi-link antennas through to product launch in 2022 and, as part of the funding, CIO of Seraphim Space James Bruegger will join the Isotropic board.
John Finney, Isotropic Systems' founder and CEO, said: “We are delighted to announce this new funding today, which will bring our game-changing technology to reality 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 commercialisation of our groundbreaking new terminals, harnessing the potential of the thousands of new satellites being launched across multiple orbits in the year ahead.
“Seraphim Space Investment Trust is invested in many sector leaders within the space ecosystem that have the potential to dominate globally, several of whom are already valued at more than $1 billion. We are delighted that they have led this fundraising round and look forward to James Bruegger joining our Board.”
For Isotropic, this latest round takes the total capital secured from investor and customer support to more than $100 million. The firm has accelerated production to support new constellations and satellites launching in GEO, HEO, MEO and LEO orbits from 2022 onwards, and has expanded its workforce by 40% over the last five months. It is also working with SES for projects in the US market.
Bruegger said: “Isotropic Systems is a prime example of why we looked to list our new fund on the London Stock Exchange. 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.
“This highlights our commitment to financing the best-of-breed companies we see as potential global leaders in Space Tech whilst offering investors a diversified portfolio of companies in the burgeoning Space Tech sector.”