Ibadan, 16 October 2023. – Bright Ascension Ltd, a space software technology provider, has announced its successful acquisition of an additional £1.5m in funding through a bridging loan. This investment is an important milestone for the Company as it aims to ensure the seamless development of its innovative HELIX suite of software products as it nears its launch. Furthermore, the investment follows two successful fund-raising rounds, which the Company completed in August 2021 and January 2022, which raised £1.5M of equity.
Bright Ascension aims to use the new funds to complete the development of its next-generation satellite software infrastructure, HELIX. Through the infrastructure, the Company will offer its customers an end-to-end software solution for space-based service provision from early development right through to delivery. In addition, the new product vision arises from the Company’s participation in the ESA ARTES Pioneer program.
The European Space Agency (ESA) ARTES Pioneer program is a multi-year project to design and develop a cutting-edge solution that will consequently enable a wide range of European companies to provide innovative satellite constellations at a significantly reduced cost and within a reduced timeframe.
Speaking on the additional funding, Peter Mendham, CEO at Bright Ascension, said, that the funding was a “pivotal step in ensuring the smooth progress of the final stages of the initial HELIX suite release in preparation for its upcoming launch.” The CEO also noted “a strong demand in the market for an integrated, all-encompassing solution that seamlessly bridges the gap between space- and ground-based software development.
In addition to the funding, Bright Ascension was also recently selected to head onboard and ground software development for the 3-year OS2-VOLT mission for the Telecom Directorate of ESA under the ScyLight (Secure and Laser Communication Technology) program.