Oxford Space Systems (OSS) has announced today £6.7m in fresh funding from investors including IQ Capital, Longwall Ventures and Foresight Williams.
The deal has now made OSS the most highly funded spacetech startup in the UK, having raised £10m to date. A further £1.3m is also still on the cards, before the round closes in September.
OSS will soon be moving into its new, custom-built headquarters at the Harwell Space Cluster, a spacetech hub which sits within an industry that is set to generate £40bn for the UK economy by 2030.
“This is an exciting time for OSS,” said Mike Lawton, founder and CEO. “Commercial space is a large and rapidly growing market that will be worth trillions of dollars over the next decade. This is a unique moment in history to take part in an exciting and rapidly growing sector.”
OSS has previously set records for the space industry, reducing the time it takes to launch a satellite, from 10 years to under 30 months.
Ed Stacey, Partner, IQ Capital said: “It’s been a pleasure to work with OSS as the company has moved from strength to strength over the past few years.
"Having proven the value and reliability of its technology in space flight, and having made the transition from startup to scale-up with this latest round of funding, OSS is now able to respond to the growing global demand for deployable space structures. ”