Seraphim Space (SSIT) has invested a further £22.2m ($30m) of its £137m C-share issue, adding Hubble Network, a US start-up building the first satellite-powered Bluetooth network, to its portfolio.
Hubble is already backed by Seraphim’s fund manager through the Seraphim Space Venture Fund II (SSVII).
James Bruegger, chief investment officer of Seraphim Space Manager, said it was a “compelling example” of the company’s strategy of identifying promising companies early, supporting their development through early-stage venture funds and, where appropriate, bringing in SSIT to invest in the subsequent growth rounds of the “most exceptional performers”.
Founded in Seattle five years ago, Bruegger said Hubble had progressed rapidly with seven satellites in orbit and a terrestrial network of more than 100m access points offering global connectivity to billions of Bluetooth-enabled devices.
SSIT said this presented a broad commercial opportunity across asset tracking, logistics, supply chain management and industrial monitoring “at an unprecedented scale”.
“Having followed the company’s development closely, we have developed strong conviction in both the business and the opportunity it is addressing and believe it is well positioned to become a category leader in the burgeoning direct-to-device satellite connectivity market,” Bruegger said.
Following the additional investments in Pixxel and Zeno Power this month, SSIT has deployed more than £40m of the C-share fund raise. That will enable a partial conversion of the C-shares into ordinary shares by the end of September.
The C-shares (SSIC) softened 0.2p to 82.7p in early trading. The ordinaries (SSIT) slipped 2.7p, or 1.4%, to 185.3p. They have rallied nearly 46% this year, have returned 286% in the past three years and are up 85% since launch in 2021.
Our view
James Carthew, head of investment company research at QuotedData, said: “The investment in Hubble Network demonstrates the manager’s ability to take promising venture investments onto the next stage with growth capital from SSIT. Bluetooth enables the internet of things. There are tens of billions of Bluetooth enabled devices and this company will let you track them even when they are out of range of a cellular network. The end-use cases cited by the company include stolen vehicle recovery and shipping & logistics; it is easy to see the potential. Hubble Network has raised $100m to date, including a $70m Series B funding round in 2025.”
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