SpaceAM, a UK-based aerospace and defence technology company, has closed a seed round led by Foresight Group, with funding from the UK Defence Unicorn Fund. Foresight Group is a regional private equity and real assets investment manager.
SpaceAM builds lightweight, AI-enabled sensor systems that can be deployed from the air or into extreme environments to collect critical data where conventional systems are too heavy, costly or difficult to use. Nature-inspired flight technology helps small sensor payloads slow their descent without parachutes or propulsion, while onboard AI turns raw sensor readings into useful insight in real time. Originally developed for space exploration, the technology is now also being used for several applications in the defence and security markets, where demand for advanced intelligence, surveillance and reconnaissance capabilities continues to grow.
SpaceAM has secured contracts with the UK Ministry of Defence and the European Space Agency, was selected as one of thirteen "future British defence unicorns" receiving UK Government support through a new scheme designed to help grow future British defence technology businesses, and received £2 million of UK Government defence funding. Headcount has grown to 13 people, alongside new R&D facilities in Gloucestershire. A multi-million contract with the MOD, awarded to boost rapid procurement and deliver technology for the UK Armed Forces, preceded the funding. Andy Callen, former co-founder of Callen-Lenz, joins the Board as Chair. Foresight's backing will support SpaceAM as it develops its product range, strengthens its governance and prepares for the next phase of growth.
We always knew there was value in our approach to autonomous sensor systems, creating the perfect synergy between hardware, software and AI, all in-house and all in the UK. Having Foresight on board does not just give us the capital to develop our product range, it gives us the structure and governance to start scaling. This is a clear signal to the market that we are preparing for a Series A round to scale at pace.
I am delighted to be joining the Board as Chair and to be working alongside Chris and Foresight. The company has built impressive momentum in a short period of time, supported by strong customer engagement and a differentiated technology platform. The close of this funding round shows a huge endorsement by both the UK Government and a big-ticket UK institutional investor and will be transformative in scaling SpaceAM into a powerhouse of UK Space and Defence innovation.
SpaceAM has developed a differentiated sovereign autonomous sensing technology platform that addresses increasingly important needs across defence and security markets, with further applications across many other industries. Chris and the team have made strong progress in a short period of time, demonstrating an ability to translate technical innovation rapidly into customer engagement and contract wins at an early stage. We look forward to supporting the business as it accelerates product development, strengthens its governance and prepares for its next stage of growth.
