Bright Ascension Completes Fund Raising for Development of End To End Space Software Product Suite

DUNDEE, UK, August, 23, 2021 (Bright Ascension PR) — Bright Ascension Ltd ., an industry leading space software technology provider, is pleased to announce that it has successfully completed a fund raising round and secured financing commitments through private investments to support further expansion and development of its product offering. The company has raised £1m of additional equity through the issue of new shares to match development funding that has been awarded to Bright Ascension by the European Space Agency (ESA).

Bright Ascension will use the new funds for the development of next generation satellite software infrastructure, which will offer its customers a complete end to end software solution for space based service provision. This expansion stage c losely correlates to the company’s participation in ESA ARTES Pioneer programme, a multi year project set to design and develop a cutting edge end to end solution which will enable a wide range of companies to create innovative satellite constellation services at a significantly reduced cost and within a reduced timeframe.

The majority investor, Capital for Colleagues (C4C), the investment vehicle focused on opportunities in the Employee Owned Business sector, have not only been Bright Ascension’s long standing partner since 2016, but also aided the company in re organising and adopting the employee ownership model. This new and fairer structure enabled Bright Ascension to build a world class organisation in order to attract, retain, motivate and harness th e best talent in the field, which will play a crucial role in achieving its growth goals. Scottish Enterprise also becomes a shareholder having invested in Bright Ascension through its Early Stage Growth Challenge Fund.

“We are delighted to report this significant new investment into Bright Ascension, which will enhance its ability to deliver cutting edge solutions for its clients a nd gives us great confidence for its future,” said Alistair Currie, Chief Executive of Capital for Colleagues. “The post investment valuation of Bright Ascension represents a further material uplift in the value of our investment, and further validates our strategy focused on Employee Owned Businesses.”

“We are very excited to have secured this additional funding that will allow us to continue our ESA project work and will safeguard our existing roadmap and end to end product suite development for a stronger place in the industry,” said Peter Mendham, CEO at Bright Ascension. “C4C has been a very supportive partner for Bright Ascension since the initial investment in 2016 and has helped us to establish a robust employee ownership culture in the business.”

About Bright Ascension

Bright Ascension Ltd. is an industry leading space software technology provider, offering unique off the shelf software products and solutions for the delivery of space based services, both on spacecraft and on the ground.

Started in 2011, it offers a fresh and unique approach to space software development. Bright Ascension’s team come from both the space industry and other high technology sectors, which allows the company to blend the most innovative ideas from different fields and create new and unique approaches to software development and operation.

Bright Ascension’s innovative modular approach allows its customers across the globe to significantly speed up mission development, simplify and automate operations, and results in lower total mission cost. As of this day, 24 spacecraft have been launched to orbit with Bright Ascension’s software onboard.

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About Capital for Colleagues plc

Capital for Colleagues is an investment company focused on the UK EOB sector. The Company has a proven management team, with a wide network of contacts and affiliates, as well as established access to investment opportunities, enabling the Company to execute its strategy and capitalise on EOB focused investment opportunities. In addition, the Company educates and assists companies that are looking to launch employee ownership schemes, advising them, amongst other things, on how to secure invest ment and achieve their objectives.