Bright Ascension Ltd has announced it has secured an additional £500k of funding through private investments to support further expansion and development of its product offering.
This follows the fund raising round completed by the company in August 2021, which raised £1M of equity through the issue of new shares to match the development funding, previously awarded to Bright Ascension by the European Space Agency (ESA).
Bright Ascension will use the new funds for the development of its next generation satellite software infrastructure.
The new product vision and roadmap arises from the company’s participation in the ESA ARTES Pioneer programme.
“These are incredibly exciting times for us as a company. With funding in place and secured to support the development of our highly integrated end to end product suite, we are now expanding and growing faster than ever before,” said Peter Mendham, CEO at Bright Ascension.
“Not only does this safeguard our current roadmap, but it also gives the team an enormous boost in confidence and reassurance. The trust and belief in our company and our product vision is the most precious and priceless investment of all. We strongly feel we spotted the gap in the market and the tools we are developing will help make space more open and accessible for a larger number of businesses within the industry.”
