Oxford Space Systems funding round to drive further growth
Oxford Space Systems Limited announces that it has completed an equity investment round of c. £3 million to fund growth opportunities that it has identified in the UK and export markets. The funding round was predominantly taken up by existing investors in the company.
Oxford Space Systems has seen rapid growth over the past two years, with revenues tripling, 5 successful antenna deployments in space and employee numbers growing from 50 to 87. In addition, the company has invested in additional deployable antenna product development and manufacturing capabilities at its Harwell test and assembly facility and at its new Abingdon composite manufacturing site. As part of this expansion the company, alongside strategic partners, have identified additional high growth product opportunities, which utilise existing capabilities, to add to existing growth plans. These include variants of the successful Wrapped Rib Synthetic Aperture Radar antenna architecture, a Hinged Rib high frequency antenna for intersatellite communications and a terrestrial antenna for rapid deployment/high performance connectivity. The company has decided to pursue these opportunities, and has secured partner and grant funding to co-fund their development together with the growth capital equity round announced today.
Sean Sutcliffe, Chief Executive of Oxford Space Systems, said;
“We are proud and delighted at the progress Oxford Space Systems has made in recent years, building its product range, customer base and revenues. This growth round will enable us to seize the initiative to develop further high potential products, and to expand our market reach beyond that previously envisaged and into high frequency satellite communication markets, both in space and on the ground. I am pleased that our existing partners and shareholders have shown confidence in backing our growth plans with further investment”.