SpaceAM, a Gloucestershire-based aerospace and defence technology company developing ultra-lightweight autonomous sensing systems for deployment in contested and extreme environments, has closed its Seed funding round.
The funding amount has not been disclosed, and the round was backed by Foresight Group, a regional private equity and real assets investment manager. The round was also backed by UK Government funding.
Chris Isaac, CEO and Founder of SpaceAM, said, “We always knew there was value in our approach to autonomous sensor systems, creating the perfect synergy between hardware, software and AI, all in-house and all in the UK. Having Foresight on board does not just give us the capital to develop our product range, it gives us the structure and governance to start scaling. This is a clear signal to the market that we are preparing for a Series A round to scale at pace.”
Founded in 2019 by Christopher Isaac, SpaceAM builds lightweight, AI-enabled sensor systems that can be deployed from the air or into extreme environments to collect critical data where conventional systems are too heavy, costly or difficult to use.
The company explains that its nature-inspired flight technology helps small sensor payloads slow their descent without parachutes or propulsion, while onboard AI turns raw sensor readings into useful insight in real time.
Originally developed for space exploration, the technology is now also being used for several applications in the defence and security markets, where demand for advanced intelligence, surveillance and reconnaissance capabilities continues to grow.
The company’s recent milestones include contracts with the Ministry of Defence and the European Space Agency, as well as €2.3 million (£2 million) in UK Government defence funding.
Over the past months, SpaceAM has secured contracts with the UK Ministry of Defence (MOD) and the European Space Agency (ESA), been selected as one of thirteen ‘future British defence unicorns’ receiving UK Government support through a new scheme designed to help grow future British defence technology businesses, expanded its team to 13 people and established new R&D facilities in Gloucestershire.
Rubina Singh, Investment Director at Foresight Group, commented, “SpaceAM has developed a differentiated sovereign autonomous sensing technology platform that addresses increasingly important needs across defence and security markets, with further applications across many other industries. Chris and the team have made strong progress in a short period of time, demonstrating an ability to translate technical innovation rapidly into customer engagement and contract wins at an early stage. We look forward to supporting the business as it accelerates product development, strengthens its governance and prepares for its next stage of growth.”
The company plans to use this capital to develop its product range, strengthen its governance, and prepare for the next phase of growth.