Cardiff-based rocket propulsion technology company, SmallSpark Space Systems, has secured a £500,000 scale-up investment from Deepbridge Capital.
With its new generation of safer engines and propulsion systems, SmallSpark is lowering the barriers to space entry. This latest capital raise from Deepbridge Capital’s Technology Growth EIS fund will enable it to continue its commercialisation underpinned by growing demand for low-mass satellites.
The funding round was overseen by Cardiff-based corporate advisory firm GS Verde Group.
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Joseph Ward, chief executive and founder at SmallSpark Space Systems, said “We are delighted to have secured this latest funding round via Deepbridge. Being at the cutting-edge of space and propulsion technology requires significant capital, but offers endless possibilities.
“We have been delighted with our progress to date and the significant interest in our technologies from major players in our sector. This next stage of development will see the company expand on these exciting relationships whilst continuing our product development.”
Adrian Neilan, investment director, technology at Deepbridge Capital, added: “SmallSpark represents cutting edge innovation which has the potential to be at the heart of the global demand for cost-efficient technologies to enable the safe delivery of commercial launches. It is expected that the current generation of launch vehicle won’t be able to keep up with the impending boom of commercial launches, and we look forward to SmallSpark leading the way.
“When seeking investment opportunities, on behalf of our investors, we look for three key factors: great innovative technology, global scalability and a great team. SmallSpark absolutely ticks all of these boxes and is a great example of why the UK Government’s Enterprise Investment Scheme exists.”
SmallSpark has previously secured seed-stage funding from the Deepbridge Innovation SEIS fund as well as grant funding from Research England, the European Regional Development Fund and the Space Research and Innovation Network for Technology.
It has grown its head count to seven, which it plans to double next year.
