Seraphim Space Investment Trust PLC (LSE:SSIT) has made the first investments from the £137 million it raised in May, backing two companies already in its portfolio.
The London-listed fund, which describes itself as the world's first listed space technology investment company, is putting $25 million (£18.6 million) into Pixxel and $3.6 million (£2.7 million) into Zeno Power.
Both are existing holdings in the trust's Ordinary Share portfolio.
The deployment is drawn from a C Share issue, a structure that ring-fences new money in a separate share class until it has been invested, protecting existing shareholders from dilution.
Seraphim said it remained on track to begin converting some of those C Shares into Ordinary Shares after the end of the current quarter.
Pixxel operates a hyperspectral Earth observation constellation, meaning its satellites capture images across hundreds of narrow bands of light rather than the handful used by conventional imaging.
That allows customers to identify the material composition of what they are looking at, with uses spanning agriculture, mining, energy, disaster response and national security.
Seraphim first invested in 2022, since when the company has built its own satellite manufacturing capability, launched its first constellation and won Indian government contracts.
Pixxel now runs operations in both the United States and India.
Zeno Power is developing radioisotope power systems, sometimes described as nuclear batteries, which generate electricity from decaying radioactive material over long periods.
The technology is aimed at environments where conventional power is impractical, including lunar surface equipment that must survive fortnightly periods of darkness.
Zeno is also targeting maritime and defence applications such as seabed sensor networks, undersea communications and charging stations for autonomous underwater vehicles.
It has already secured contracts with NASA, the US Navy and the US Space Force.
Mark Boggett, chief executive of manager Seraphim Space Manager, said both companies were aligned with themes driving the next phase of growth in the sector, citing sovereign space capabilities and the convergence of nuclear power, defence and the lunar economy.
