Eutelsat invests in Seraphim fund
April 25, 2024
By Chris Forrester
Eutelsat has invested in a new space-based venture fund managed by Seraphim Space Ventures. Eutelsat joins Japan’s SkyPerfect JSAT along with Japanese telco NEC in the new fund.
The fund (Seraphim SSV II) says it will be focused on investing in Seed and Series A-stage companies. Seraphim said the SSV II fund aims to build a portfolio of around 30 companies, and has already invested in nine companies including Bluetooth IoT company Hubble; space data wildfire home insurance provider Delos; space cargo return company Atmos; and Auriga, which is pursuing an electro-magnetic launch system.
The themes for the new fund include AI to process satellite-generated data drawn from climate change studies as well as global security.
“Investors are increasingly recognising space tech’s outlier potential with record numbers of VC investments being closed every quarter. This stands in stark contrast to the recent contraction in investment activity in the wider venture capital market,” said Seraphim Space Chief Investment Officer James Bruegger. “We believe that the impact of space tech will reshape much of the world as we know it.”
“To realise the growth and expansion of our space business through collaborations with promising space startups worldwide, we have decided to invest in the fund of Seraphim Space, one of the world’s leading space venture capitals. As a space business company, SKY Perfect JSAT will continue to promote the creation of new businesses and take on the challenge of producing new value through collaborations with space startups and others,” said Sky Perfect JSAT CEO Eiichi Yonekura.
Etsuko Hirose, general manager of NEC’s Aerospace and National Security Business Planning department, added: “NEC has long been involved in space-related business, including the development and manufacture of satellites,” Hirose said. “To further expand its business, NEC aims to foster collaboration with Seraphim Space portfolio companies across both upstream and downstream sectors, thereby advancing our global space-related business.”
Seraphim’s existing investments include businesses such as AST SpaceMobile, Array Labs, Astroscale, Atmos Space Cargo, D-Orbit, HawkEye 360, ICEYE and many others.
Seraphim believes that the SpaceTech sector has become central to some of the megatrends that are reshaping the world for the better.