Seraphim Space Investment Trust (LSE:SSIT) has invested a further $23.1m (£17.5m) in Skylo Technologies, an existing holding in its SpaceTech portfolio.
The London-listed trust, which describes itself as the world's first listed SpaceTech investment company, funded the follow-on investment from the proceeds of its £137m C Share issue completed in May.
Skylo operates a software-defined non-terrestrial network platform that connects mobile network operators, device manufacturers and chipset providers across terrestrial and satellite networks, extending coverage beyond conventional mobile infrastructure.
Seraphim first backed Skylo in 2023, and Andre Ronsoehr, Investment Partner at Seraphim Space Manager, said non-terrestrial network connectivity "has moved rapidly from a specialist capability towards becoming an integral part of the broader communications ecosystem" since then.
Ronsoehr said the additional investment "reflects our conviction in Skylo and demonstrates SSIT's ability to back promising businesses early and increase its exposure as they scale and mature."
The deal marks the latest deployment of the C Share proceeds, which the trust has been directing into pre-identified existing and new investment opportunities since the raise, following similar follow-on commitments this year to portfolio companies including Hubble Network and Xona Space Systems.