9th Oct 2026 11:23
Seraphim Space Investment Trust PLC - London-based investor in 'SpaceTech' companies - Says satellite navigation company Xona Space Systems Inc has completed a new financing round, with Seraphim investing USD15 million through its C share portfolio. Xona is now Seraphim's second-largest portfolio holding, as the financing materially increased the fair value of its holding by approximately GBP52.2 million or 22.0p per ordinary share. Seraphim expects the uplift to be "substantially" reflected in its portfolio valuation as at September 30.
"Xona is addressing a fundamental challenge: the world is becoming increasingly dependent on satellite navigation, but existing infrastructure cannot provide the accuracy, resilience and security that next-generation applications require," comments Seraphim Space Manager LLP's Chief Investment Officer James Bruegger. "This financing is an important milestone as Xona builds a commercial upgrade to GPS, on which the global economy depends.
"Xona is now SSIT's second-largest portfolio holding, reflecting the progress the company has made and our conviction in the scale of the opportunity ahead. It also demonstrates the Seraphim model at its best: identifying exceptional founders early, supporting them through our accelerator and continuing to invest as they scale. Having backed Xona from the outset, we believe it has the potential to redefine satellite navigation globally, and we are excited to support the team as it turns that ambition into reality."
Current stock price: 201.00 pence, up 4.9% in London on Friday
12-month change: more than doubled from 82.20p
By Emma Curzon, Alliance News reporter
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