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Space Sector Business Secures £300,000 EM3 Expansion Loan
A business offering innovative solutions for the satellite technology and space communications sector is the latest company to benefit from an Enterprise M3 Expansion Loan.
Guildford-based business Clutch Space Systems (CSS) has received £300,000 to help support its growth plans, enabling the immediate expansion of its technology, sales & marketing capabilities.
Satellite technology is used across many commercial, government and military applications from TV, radio and internet provision, to navigation systems and weather forecasting. The space sector is growing exponentially, with experts valuing the market at anything between £400 billion and £1 trillion by 2040.
Ground stations, which process the data received by antenna systems from satellites, typically use bespoke legacy hardware systems to process the signals into a functional format that can be sent on to the end user.
CSS has developed a unique software solution for these satellite ground stations that can expand existing inflexible and costly hardware systems currently in use with a lower cost, easily deployed solution.
The software has been developed by CSS experts, who have over 130 years’ experience between them in the space sector, to robust industry standards using automated test regimes proven to stress test the system’s resilience and robustness.
Satellite technology is a growing market, being transformed by new opportunities for commercial exploitation, but this has brought some challenges, as CSS co-founder and CEO, Martin Philp, said: “a bottleneck is occurring due to the limits of a signal processing infrastructure that is unable to deliver in line with demand. Our software offers high functioning, reliable and flexible solutions that can reduce the cost, risk and complexity of satellite development and operations for both new and existing players in the sector. We are delighted to have secured this funding, which will allow us to recruit additional staff, further develop our product and infrastructure, increase marketing and really take hold of the global opportunity available to us.”
Derek Ellis, Fund Manager at The FSE Group, which manages the Enterprise M3 Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), added: “during this time of uncertainty for many businesses, we are delighted to continue supporting CSS with their efforts to deliver a technology that can support communications across the globe. The management team are well-connected and highly regarded in the sector and in a strong position to take the business forward. We look forward to working with them over the coming months to help them achieve their goals.”
Kathy Slack, Director, Enterprise M3 LEP, commented: “Space technology is a sector which continues to show an exciting level of growth within the EM3 region, so I am particularly pleased to see Clutch Space Systems benefiting from an expansion loan. It’s wonderful to see the EM3 Funding Escalator continuing to help businesses grow, even in times of economic uncertainty.”
The Enterprise M3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, a £10million initiative funded by Enterprise M3 LEP. The escalator, which also includes a short-term trade loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the Enterprise M3 area.