Gloucestershire-based aerospace and defence technology startup SpaceAM has closed a seed funding round backed by Foresight Group and government-backed defence innovation funding.
SpaceAM is developing ultra-lightweight autonomous sensing systems designed to be operated in contested and extreme environments.
The sensor devices are used to collect critical data in situations where, according to the company, “conventional systems” are too heavy or costly to use.
The new funding injection for the company comes after the company secured a multi-million contract with the UK’s Ministry of Defence to “boost rapid procurement and deliver cutting-edge technology for the UK Armed Forces”.
With additional backing from Foresight, SpaceAM will said it will be supported in developing is product range, strengthening its governance and preparing for its next phase of growth.
“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,” said Chris Isaac, founder and chief executive of SpaceAM.
“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.”
The raise follows SpaceAM’s selection as one of 13 scaleups supported under the UK’s Defence Unicorn initiative.
“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,” said Rubina Singh, investment director at Foresight Group.
“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.”
