SpaceAM, an aerospace and defence technology company based in Gloucestershire, has completed its Seed funding round. The company develops ultra-lightweight autonomous sensing systems designed to work in difficult and high-risk environments.
The amount raised in the funding round has not been disclosed. The investment was backed by Foresight Group, a UK investment firm that supports growing businesses across different sectors.
The funding round also received support from the UK Government. SpaceAM plans to use the investment to further develop its technology for use in contested and extreme environments.
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.”
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.”
Founded in 2019 by Christopher Isaac, SpaceAM develops lightweight sensor systems powered by AI. These systems can be launched from the air or used in extreme environments to collect important data in places where traditional systems may be too heavy, expensive, or difficult to operate.
SpaceAM uses nature-inspired flight technology to help its small sensors slow down while falling without using parachutes or engines. Its onboard AI then processes the sensor data and provides useful information in real time.
The technology was originally created for space exploration but is now also being used in defence and security. The company is targeting growing demand for advanced intelligence, surveillance, and reconnaissance (ISR) solutions.
The company will use the funding to expand its range of products, improve its management and governance, and get ready for its next stage of growth.
