Seraphim Space Investment Trust (LSE:SSIT), the London-listed SpaceTech investor, has made a $30 million (approximately £22.2 million) investment in Hubble Network, Inc.
Hubble is building what it describes as the first satellite-powered Bluetooth network, letting standard off-the-shelf Bluetooth Low Energy chips connect to space directly, without cell towers or gateways.
The company is targeting asset tracking, logistics, supply chain and industrial monitoring markets by extending connectivity to billions of existing Bluetooth-enabled devices.
Hubble was already a portfolio company of Seraphim Space Venture Fund II, and this marks the first new addition to SSIT's C Share portfolio since its £137 million C Share issue earlier this year.
The trust has now deployed more than £40 million of the proceeds, a threshold that is expected to trigger a partial conversion of C Shares into shares at the end of the current quarter.
James Bruegger, chief investment officer of Seraphim Space Manager, said Hubble had progressed from early-stage investment to growth-stage business, with seven satellites in orbit and a terrestrial network exceeding 100 million access points.
He called the deal "a compelling example" of the trust's multi-stage strategy, moving companies from early venture backing into later growth rounds funded by SSIT.
Bruegger added the firm has "developed strong conviction" in Hubble's potential to become a category leader in direct-to-device satellite connectivity.
News Intelligence what this means for the company
Seraphim Space Investment Trust deployed $30 million into Hubble Network, a satellite-Bluetooth connectivity startup already in its venture fund portfolio, marking the first new C Share allocation since the trust's £137 million C Share issue earlier this year. The deployment crosses a £40 million threshold that triggers partial conversion of C Shares into ordinary shares by quarter-end, advancing the trust's stated strategy of following portfolio companies from early venture into growth-stage funding rounds.
The investment demonstrates capital deployment momentum from the C Share raise and validates the trust's multi-stage follow-on strategy, but Hubble remains a single allocation within a 24-holding portfolio; the material question is whether Hubble's satellite-Bluetooth category can scale to justify growth-stage valuations, not whether this cheque alone moves the needle for SSIT shareholders.
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