Bright Ascension has announced the successful closure of a £2.25M investment round through a convertible loan from Scottish Enterprise, Capital for Colleagues (C4C) and other investors in the company. This represents a significant step forward in the company's journey towards bringing its innovative HELIX products to market. The funds include £1.5M previously secured in October 2023 as a bridging loan from C4C, alongside Bill Ainscough, and TJ Morris Limited, existing shareholders in Bright Ascension. The bridging loan transitions into a convertible loan as part of the current funding round.
The investment is a true testament to Bright Ascension’s commitment to re-shaping the New Space software landscape through its groundbreaking technology and development of its next generation HELIX suite of satellite software products. HELIX promises to streamline spacecraft software development, operations, service and end-user insights delivery processes, providing faster, simpler and significantly more cost-effective solutions.
To support the continued advancements in HELIX development, foster strategic guidance and direction, and nurture investor relationships, Bright Ascension recently welcomed John Baughn as the new Executive Chair of the Board. John brings to the team over 40 years of invaluable experience in managing space operations and telecommunications organisations. His expertise encompasses sales strategy, business development, and customer service, making him a valuable addition during this pivotal growth stage The company is pleased to confirm that Ken Naismith, the current Executive Chair, will remain on the Board as a Non-Executive Director.
“I am delighted and honoured to be taking on the chairmanship for Bright Ascension at this very exciting point in time and looking forward to helping steer the company towards a very successful future,” said John Baughn, Executive Chair of the Board at Bright Ascension.
The investment marks a pivotal moment for Bright Ascension, building on its recent commercial successes. The company has experienced a boost in new customer acquisition, resulting in a notable increase of 50% in the first half year sales compared to the same period in the previous financial year. This strong performance underscores the effectiveness of Bright Ascension's strategic initiatives and its growing prominence in the market to maximise the upcoming HELIX launch.
“This funding injection not only provides us with the necessary financial resources but also serves as a vote of confidence in our technology and commercial strategy,” said Peter Mendham, CEO at Bright Ascension. “With this support, we are well-positioned to accelerate the final stages of development and market release of our innovative HELIX products.”
Alistair Currie, Chief Executive of Capital for Colleagues commented: “We are extremely pleased to see this enhancement of the Bright Ascension team and further endorsement of the company’s technology and commercial strategy. Bright Ascension is now positioned to accelerate the final stages of development and market release of its innovative HELIX products.”
For further information visit: https://brightascension.com/