Seraphim Surpasses $100m Space Fund

Seraphim Space has exceeded its $100m target at the latest closing of its oversubscribed early-stage SpaceTech venture fund, reinforcing its position as a global leader in space-focused investment and taking total assets under management to more than $550m. The new capital brings in a powerful mix of institutional and strategic investors. Key new backers include the British Business Bank and the National Security Strategic Investment Fund, alongside strategic corporate partner Arabsat. They join existing investors including Eutelsat, NEC and SKY Perfect JSAT. The latest closing further strengthens Seraphim’s global network and its ability to back the next generation of SpaceTech entrepreneurs at Seed and Series A stage — companies building technologies that are reshaping industries from defence and climate to life sciences and digital infrastructure.

A decade at the forefront of SpaceTech

Founded in 2016 and headquartered in the UK, with offices in the United States and Germany, Seraphim has played a central role in defining SpaceTech as a standalone investment category. Over the past decade, it has supported 149 companies across 33 countries, with portfolio firms collectively raising more than £10bn and nine reaching unicorn status. The firm’s preceding SpaceTech-focused venture fund delivered top-decile global performance, laying the groundwork for its latest vehicle. With this newest close, Seraphim now manages more than $550m across its private and public funds, including the London Stock Exchange-listed Seraphim Space Investment Trust.

The fund has already deployed capital into 17 companies from allied nations in the US and Europe, all united by a common theme: the convergence of cutting-edge SpaceTech capabilities with artificial intelligence to disrupt vast swathes of the $100 trillion global economy.

Investing across defence, climate and life sciences

A significant portion of the portfolio reflects the growing strategic importance of space to national security. Companies such as Auriga, Atmos Space Cargo, General Galactic and Privateer are developing technologies to ensure reliable access to, return from, and control of an increasingly contested orbital domain. Climate resilience is another major theme. Businesses including Delos, Adaptive Insurance and Renoster are harnessing vast datasets derived from space-based sensors and combining them with AI to unlock new applications in climate adaptation and risk modelling.

In life sciences, LambdaVision is exploiting the unique microgravity environment of space to drive innovations aimed at improving human health — research that would be impossible to replicate on Earth.

Meanwhile, next-generation infrastructure players such as AscendArc, Array Labs, Constellr, Hubble Networks, PiLogic and Ubotica are pioneering space-based sensing, communications and compute capabilities, accelerating the convergence between terrestrial and orbital infrastructure as access to space becomes more affordable.

Latest investment: Mutable Tactics

The fund’s most recent investment is Mutable Tactics, a Cambridge-based deep-tech defence start-up focused on enabling unmanned systems — including aerial, maritime and ground drones — to operate effectively when communications are disrupted.
Mutable Tactics is developing an AI-powered decision layer that sits between human operators and robotic systems. Its software translates a commander’s high-level intent into locally executable actions, allowing mixed fleets of drones to coordinate autonomously and adapt to changing conditions even when GPS or communications are unreliable. The company is expected to close its own funding round in the coming weeks.

“Still only in the early phases”

Mark Boggett, CEO of Seraphim Space, said the latest closing marks another milestone in a long-term mission to unlock space’s transformative potential. “Ten years on from raising our first SpaceTech fund, we are still only in the early phases of tapping into the immense opportunities that Space holds to transform all our lives. The recent SpaceX–xAI merger is a clear validation of Seraphim’s long-held view: SpaceTech is fast becoming the foundational enabler for artificial intelligence and digital systems that will power the global economy.

This latest close of our current venture fund empowers us to continue championing breakthrough innovations that will shape industries and deliver meaningful, long-term benefits for our planet over the coming decade and beyond.”

Christine Hockley, Managing Director and Co-Head of Funds at the British Business Bank, said: “This investment is another example of the long-term impact of the Bank’s cornerstone commitments. We have been a partner of Seraphim since their first fund, and the firm has successfully carved out a niche in a rapidly advancing area of frontier technology. By making a cornerstone commitment to Seraphim, we are expanding the pool of capital available for the UK’s space entrepreneurs and helping a specialist UK fund manager to thrive.”