A Scottish space software technology provider has completed a £2.35m funding round to support the next phase of its development.
Bright Ascension, which has operations in Dundee and Edinburgh, provides off-the-shelf software products for space-based services, both on spacecraft and on the ground.
As part of the funding round, Capital for Colleagues, an investment vehicle focused on opportunities in the Employee Owned Business (EOB) sector, has converted £1m of short term loans into £1m of new convertible loan notes issued by Bright Ascension.
All of the other existing external investors in Bright Ascension have also subscribed further funds for new convertible loan notes. Scottish Enterprise, Harrock Capital Partners and T J Morris (Investments) Ltd are investing £600,000, £600,000 and £150,000, respectively.
Capital for Colleagues has also agreed to provide Bright Ascension with a Revolving Credit Facility of £200,000 until 31 January 2026.
Bright Ascension intends to use the funds to develop an expanded portfolio of HELIX products, strengthen its international sales capabilities and drive innovation in its sector through a focus on interoperability, scalability, efficiency and cybersecurity-first engineering.
The company has also appointed Sandy Damm as its chief executive, with founder Peter Mendham becoming chief technology officer.
Alistair Currie, chief executive of Capital for Colleagues, said: “We are pleased to see this strengthening of the Bright Ascension team and to provide additional funding for the next stage in the company’s development.
“Bright Ascension is now well placed to accelerate the delivery of its HELIX suite into its substantial and rapidly growing target markets.”
Source: Insider Media