Seraphim Space Investment Trust PLC (LSE:SSIT) has invested $30 million (£22.2 million) in satellite connectivity company Hubble Network, taking deployment from its recent C Share fundraising beyond the £40 million threshold needed to trigger a partial share conversion.
The investment is the first addition of a new portfolio company using proceeds from Seraphim’s £137 million C Share issue. With more than £40 million now deployed, the trust expects a partial conversion of C Shares into Ordinary Shares at the end of the current quarter.
Hubble, already a portfolio company of Seraphim Space Venture Fund II, is developing a satellite-powered Bluetooth network that allows standard Bluetooth Low Energy chips to connect directly to space without cell towers, gateways or custom hardware. Seraphim said the company now has seven satellites in orbit and a terrestrial network comprising more than 100 million access points.
Chief investment officer James Bruegger said Hubble demonstrated Seraphim’s strategy of backing companies through its early-stage venture funds before potentially investing through SSIT at the growth stage. Hubble is targeting applications including asset tracking, logistics, supply chain management and industrial monitoring.
