Seraphim backs satellite-connectivity firm Skylo with $23.1M follow-on

What's the deal? Seraphim SpaceDealroom has a profile for this one. Try Dealroom → Investment Trust has invested a further $23.1 million into Skylo TechnologiesDealroom has a profile for this one. Try Dealroom →, a late-stage funding round announced on Monday. The London-based SpaceTech investor first backed the Mountain View, California company in 2023.

What does Skylo do? It is a connectivity partner to mobile network operators, device manufacturers, and chipset providers, working in non-terrestrial network connectivity.

Why now? Seraphim funded the backing from proceeds of its recent £137 million C share issue. "Since then, non-terrestrial network connectivity has moved rapidly from a specialist capability towards becoming an integral part of the broader communications ecosystem," said Andre Ronsoehr, an investment partner at Seraphim Space Manager.

What's the endgame? Ronsoehr said Skylo's management team and relationships "position the company well as terrestrial and non-terrestrial networks converge and direct-to-device connectivity grows." He framed the move as a demonstration of the trust's ability to "back promising businesses early and increase its exposure as they scale and mature."

Seraphim Space shares rose 1.7% to 208.00 pence in London trading on Monday morning.

The signal: The follow-on reflects growing investor conviction in direct-to-device connectivity, as satellite links move from a niche feature toward a standard part of mobile networks.

Read more: ae.marketscreener.com

Image credit: NASA Goddard Photo and Video