Seraphim Space Investment Trust PLC (LSE:SSIT) said it made a new $25mln (£18.9mln) investment in ICEYE Oy, a Finnish radar satellite imaging technology company.
The investment will enable ICEYE to significantly expand its unique synthetic aperture radar (SAR) satellite constellation. ICEYE has the world's first and largest constellation of miniaturised satellites that use radar to capture images of the Earth day and night in all weather conditions.
READ: Space for good - how new satellite technology can help save the planet
Seraphim, the world's first listed fund focused on Space Technology, first invested in ICEYE in 2017 and has participated in every subsequent ICEYE funding round.
Seraphim said it now expects to complete the acquisition of Seraphim Space LP's shareholding in ICEYE.
"ICEYE is a very exciting business,” said Seraphim chair Will Whitehorn. “With its large and growing constellation of new space satellites, it is able to identify and monitor changes on Earth in the range of millimetres.
“This enables entirely new applications, including predicting, preventing and responding to events such as natural disasters, building collapses and floods.
"It is another excellent example of how Seraphim Space Investment Trust PLC (LSE:SSIT) is backing businesses with exciting technologies allowing us to unlock science that has never been possible before."
As part of the transaction, James Bruegger, chief investment officer of Seraphim Space (Manager) LLP, Seraphim’s investment manager, has been appointed to the ICEYE board.
"The doubling down on our investment in ICEYE reflects our belief in the potential this breakthrough technology will have across maritime, disaster management, insurance, finance, security and intelligence sectors,” said Bruegger.