LONDON: Seraphim Space Investment Trust plc, the world’s first publicly traded SpaceTech investment company, said Tuesday it has invested $30 million in Hubble Network Inc., a portfolio company developing the first satellite-powered Bluetooth network.
The investment, approximately £22.2 million, marks the first new portfolio addition funded by proceeds from the company’s £137 million C Share issuance earlier this year. Seraphim said it has now deployed more than £40 million of those proceeds and expects a partial conversion of C Shares into ordinary shares to be triggered at the end of the current quarter.
Hubble Network is building a system that allows standard off-the-shelf Bluetooth Low Energy chips to connect directly to satellites without the need for cell towers, gateways or custom hardware. The startup aims to provide global connectivity for billions of existing Bluetooth-enabled devices, targeting applications in asset tracking, logistics, supply chain management and industrial monitoring.
James Bruegger, chief investment officer of Seraphim Space Manager LLP, said the company has followed Hubble’s development closely since its early-stage investment through Seraphim’s venture fund.
“We have developed strong conviction in both the business and the opportunity it is addressing and believe it is well positioned to become a category leader in the burgeoning direct-to-device satellite connectivity market,” Bruegger said in a statement.
Hubble has seven satellites in orbit and a terrestrial network of more than 100 million access points, according to Seraphim. The U.S.-based startup has gained commercial traction across multiple sectors.
Seraphim Space Investment Trust, listed on the London Stock Exchange under the ticker SSIT, is the first listed investment company focused on SpaceTech. The firm seeks exposure primarily to growth-stage private SpaceTech businesses with leadership positions in climate, communications, mobility, cybersecurity and intelligence.
