Oxford Space Systems (OSS) has successfully secured £1.2m in its second round fund raise from a combination of institutional and private investors.
Harwell-based OSS launched in September 2013 to develop a new generation of deployable structures for space that are lighter, less complex and lower cost than existing products in commercial demand. Using conventional, as well as new proprietary materials, OSS is rapidly developing a range of deployable antennas, booms and panel technologies. These are primarily focused to support a new generation of micro-satellites for a range of space based commercial services.
Founder and CEO, Mike Lawton, said, “I’m delighted that the excellent progress we’ve made since securing seed investment from Longwall Ventures has placed us in a good position to close our planned second round of funding. Longwall have been a superb investor, permitting us to focus on rapid product development to the extent that we’ll be achieving in-orbit demonstration of our disruptive technology next year. This means we’ve gone from concept to flight in less than 3 years – a record for the space industry”.
David Denny, Partner at Longwall Ventures said, “Oxford Space Systems makes for an attractive investment due to an industry experienced team, a disruptive new technology and a strong network of relationships in both the traditional and so called ‘New Space’ sector. OSS has exceed their first year targets so naturally we’re delighted to lead the next round. This will further enable Mike and the team to achieve sustainable commercial success.”
OSS has worked closely with the Satellite Applications Catapult at the Harwell Space Cluster since its inception to access a range of business support services and industry connections to acceleration its growth. Stuart Martin, CEO of the Satellite Applications Catapult, said: “Mike Lawton and his team at OSS are developing pioneering deployable technologies for the space market. The fact that they’ve attracted the attention of a raft of investors demonstrates the strides they are making, and the strength of opportunities that lie ahead in the global space market.
“We’re very proud to have supported OSS over the past two years, and look forward to continue working with Mike and the team as they grow their business further, and continue to contribute to the UK’s expanding space portfolio.” Within its first year Oxford Space Systems has secured development contracts with RAL Space, Airbus Defence & Space, Thales Alenia Space (UK), the UK Space Agency, together with a number of overseas customers, including collaborations in Japan. OSS also enjoys matched funding support from Innovate UK, the UK Space Agency, NATEP and the European Space Agency.
The £1.2m funding round was led by Longwall with significant investment from IQ Capital, Wren Capital, the UK Innovation & Science Seed Fund (managed by Midven), together with another fund under management by Midven. Oxford Space Systems was advised by Chilcomb Management Services and In House Solicitors.
For further information, please contact:
Mike Lawton
mike.lawton@oxfordspacesystems.com | +44 (0)7740 937 935
About the Satellite Applications Catapult
Satellite Applications Catapult Ltd is one of a network of UK technology and innovation companies which aim to drive economic growth through the commercialisation of research. The vision of the Satellite Applications Catapult is to support UK industry through the acceleration of the growth of satellite applications and to contribute to capturing a 10% share of the global space market predicted by 2030. It aims to achieve this by exploiting the innovation-potential in the UK industrial and academic communities, by being a focal point where small and medium enterprises, large industry and end users can work together with researchers to challenge barriers, explore and develop new ideas, and bring these to commercial reality.
About Innovate UK
Innovate UK is the UK’s innovation agency. Taking a new idea to market is a challenge. Innovate UK funds, supports and connects innovative businesses through a unique mix of people and programmes to accelerate sustainable economic growth. For further information see www.innovateuk.org.
