SmallSpark Space Systems, the award-winning rocket propulsion innovation company, has announced the closure of a significant overfunding of its recent seed round, securing a commitment for an additional £1.1 million investment on top of the £500,000 scale-up investment raised last year. With additional Government research funding of £200,000 over the past 18 months, this brings the total capital the company has raised for its technologies to £2.2 million, led by Deepbridge Capital and government co-funding.
To read more about the recent £500,000 investment, click here.
The news comes as Smallspark formally announces its intentions to build a South Wales based Propulsion Test Facility, to enable the company to, soon, conduct tests for its prototype orbital scale S4-Hive engine, which is powered by Liquid Oxygen and the company’s proprietary fuel. In addition to enabling the company to invest further in its technology development, the capital has allowed Smallspark to grow its leadership, including the imminent appointment of a Chief Operating Officer, and a Director of Information Technology.
Joseph Ward, CEO and Founder at SmallSpark Space Systems Limited, commented:
"This latest funding is not only validation of what we are doing at Smallspark, but also highlights the acceleration of the space industry in Wales. I am particularly pleased to welcome Beata and John, to the Smallspark team, as we enter the next stage of our development and commercialisation. We are particularly excited about the opportunity to build the first rocket test facility in Wales, which will be a significant milestone for our industry."
Adrian Neilan, Investment Director - Technology, at Deepbridge Capital, added:
"Smallspark represents the types of highly innovative and growth-focused companies that the UK’s Enterprise Investment Scheme is designed to support. Joe and the team are highly impressive individuals and have big plans for the development of their technology; we are delighted to be continuing to support them on this journey via the Deepbridge Technology Growth EIS fund. The UK space sector continues to punch above its weight internationally and we are excited to be supporting one of the leading early-stage companies developing pioneering technologies.”
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