Cardiff rocket propulsion technology company backed by large-scale investment
Cardiff-based rocket propulsion technology company SmallSpark Space Systems has secured a Â£ 500,000 investment from Deepbridge Capital.
With its new generation of safer engines and propulsion systems, SmallSpark is lowering the barriers to entry into space. This latest fundraising from Deepbridge Capital’s Technology Growth EIS fund will allow it to continue its marketing supported by growing demand for low-mass satellites.
The funding round was overseen by Cardiff-based business consultancy GS Verde Group.
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Joseph Ward, CEO and Founder of SmallSpark Space Systems, said: âWe are delighted to have secured this latest funding round through Deepbridge. Being at the forefront of space and propulsion technology requires significant capital, but offers endless possibilities.
âWe have been delighted with our progress to date and the significant interest in our technologies from the major players in our sector. This next stage of development will see the company expand these exciting relationships while continuing to develop our products. “
Adrian Neilan, Chief Investment Officer, Technology at Deepbridge Capital, added, âSmallSpark represents cutting-edge innovation that has the potential to be at the heart of the global demand for profitable technologies to enable the safe delivery of commercial launches. The current generation of launchers are expected to be unable to keep up with the impending boom in commercial launches, and we look forward to SmallSpark leading the way.
âWhen looking for investment opportunities, on behalf of our investors, we look for three key factors: great innovative technology, global scalability and a great team. SmallSpark ticks absolutely all of these boxes and is a prime example of the UK government’s Enterprise Investment Scheme.
SmallSpark has already secured seed funding from the Deepbridge Innovation SEIS fund as well as grants from Research England, the European Regional Development Fund and the Space Research and Innovation Network for Technology.
He has increased his squad to seven, which he plans to double next year.