Bright Ascension secures additional funding to support expansion
Space software technology provider, Bright Ascension Ltd., has secured an additional £500k of funding through private investments to support further expansion and development of its product offering.
Image courtesy Bright Ascension
This follows the successful fund-raising round completed by the company in August 2021, which raised £1 million 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, which will offer its customers a complete end-to-end software solution for space-based service provision from early development right through to delivery.
The new product vision and roadmap arises from the company’s participation in the ESA ARTES Pioneer programme, a multi-year project to design and develop a cutting-edge solution which will enable a wide range of companies to provide innovative satellite constellations at a significantly reduced cost and within a reduced timeframe. With new software development already underway, Bright Ascension expects to produce early prototype versions by the end of 2022.
Peter Mendham, CEO at Bright Ascension said: “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. 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.”