|
Daily news
|
Oxford Space Systems Funding
Round To Drive Future Growth
Oxford Space Systems Limited
announces that it has completed an equity investment
round of c. £3 million to fund growth opportunities
that it has identified in the UK and export markets.
The funding round was predominantly taken up by
existing investors in the company.
Oxford Space Systems has seen
rapid growth over the past two years, with revenues
tripling, 5 successful antenna deployments in space
and employee numbers growing from 50 to 87. In
addition, the company has invested in additional
deployable antenna product development and
manufacturing capabilities at its Harwell test and
assembly facility and at its new Abingdon composite
manufacturing site. As part of this expansion the
company, alongside strategic partners, have
identified additional high growth product
opportunities, which utilise existing capabilities,
to add to existing growth plans. These include
variants of the successful Wrapped Rib Synthetic
Aperture Radar antenna architecture, a Hinged Rib
high frequency antenna for intersatellite
communications and a terrestrial antenna for rapid
deployment/high performance connectivity. The
company has decided to pursue these opportunities,
and has secured partner and grant funding to co-fund
their development together with the growth capital
equity round announced today.
Sean Sutcliffe, Chief Executive
of Oxford Space Systems, said; “We are proud and
delighted at the progress Oxford Space Systems has
made in recent years, building its product range,
customer base and revenues. This growth round will
enable us to seize the initiative to develop further
high potential products, and to expand our market
reach beyond that previously envisaged and into high
frequency satellite communication markets, both in
space and on the ground. I am pleased that our
existing partners and shareholders have shown
confidence in backing our growth plans with further
investment”.
|
|
|
|