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Bright Ascension Recieves $3M in Funding 

By Mark Holmes | April 4, 2024

Bright Ascension CEO Peter Mendham. Photo: Bright Ascension

Bright Ascension has closed a 2.3 million pound ($2.8 million) investment round through a convertible loan from Scottish Enterprise, Capital for Colleagues (C4C) and other investors in the company. The funds include 1.5 million pounds ($1.89 million) previously secured in October 2023 as a bridging loan from C4C, alongside Bill Ainscough, and TJ Morris Limited, existing shareholders in Bright Ascension.

The bridging loan transitions into a convertible loan as part of the current funding round. The space software technology provider will use the funds to brings its HELIX products to market. The company announced the latest funding on April. 4.

The investment is a boost for the company as it looks to play a key role in the space software landscape through Its HELIX software products, which aim to streamline spacecraft software development, operations, service and end-user insights delivery processes, providing faster, simpler and significantly more cost-effective solutions. The company has experienced a boost in new customer acquisition, resulting in a notable increase of 50% in the first half year sales compared to the same period in the previous financial year.

“This funding injection not only provides us with the necessary financial resources but also serves as a vote of confidence in our technology and commercial strategy. With this support, we are well-positioned to accelerate the final stages of development and market release of our innovative HELIX products,” Peter Mendham, CEO of Bright Ascension, said in a statement.