The Seraphim Space team. Photo: Seraphim Space

Seraphim Space closed a new venture fund, Seraphim Space Ventures II LP, with backing from satellite operator Eutelsat Communications, Japanese telco NEC and Japanese satellite operator SKY Perfect JSAT. Seraphim announced the first close of the SSV II fund on Monday. 

The fund will be focused on investing in Seed and Series A-stage companies. Seraphim said SSV II aims to build a portfolio of around 30 companies, and has already invested in nine companies including Bluetooth IoT company Hubble; space data wildfire home insurance provider Delos; space cargo return company Atmos; and Auriga, which is pursuing an electro-magnetic launch system. 

SSV II will focus on a number of key themes: using artificial intelligence to process satellite data to impact climate change and global security; merging terrestrial and space-based communications; utilizing the microgravity of space for science; and creating  space-based networks for on-orbit edge compute, communications, and data relay.

“Investors are increasingly recognizing space tech’s outlier potential with record numbers of VC investments being closed every quarter. This stands in stark contrast to the recent contraction in investment activity in the wider VC market,” said Seraphim Space Chief Investment Officer James Bruegger. “We believe that the impact of space tech will reshape much of the world as we know it.”

Seraphim Space has supported more than 120 space tech companies in 27 countries. It also operates the startup incubator, Seraphim Space Accelerator, and the first listed SpaceTech growth fund, Seraphim Space Investment Trust PLC.

Earlier this year, Sky Perfect JSAT announced plans to invest 10 billion yen (64.6 million) in space startups by 2030. With this investment in SSV II fund, JSAT plans to invest in startups that have synergies with its business in communications and satellite data and development fields.

“To realize the growth and expansion of our space business through collaborations with promising space startups worldwide, we have decided to invest in the fund of Seraphim Space, one of the world’s leading space venture capitals. As a space business company, SKY Perfect JSAT will continue to promote the creation of new businesses and take on the challenge of producing new value through collaborations with space startups and others,” said Sky Perfect JSAT CEO Eiichi Yonekura.

Etsuko Hirose, general manager of NEC’s Aerospace and National Security Business Planning department said the investment emphasizes NEC’s dedication to innovation.

“NEC has long been involved in space-related business, including the development and manufacture of satellites,” Hirose said. “To further expand its business, NEC aims to foster collaboration with Seraphim Space portfolio companies across both upstream and downstream sectors, thereby advancing our global space-related business.”