Sheffield law firm helps space technology company prepare for take-off

In-House Solicitors, a Sheffield-based law firm, has acted for Oxford Space Systems Limited (OSS) to secure £1.2m in the space technology hardware firm’s second round fund raised from a combination of institutional and private investors.

Based at the Harwell Science and Innovation Campus, OSS is developing novel hardware solutions that are lighter, less complex and lower cost than those in current commercial use.

OSS is also developing a range of deployable antennas, booms and panel technologies, which are primarily focussed to support a new generation of micro-satellites for a range of space based commercial services.

Mike lawton, founder and CEO of OSS, said: “I am delighted that the excellent progress we have made since securing seed investment from Longwall Ventures has placed us in a good position to close our second round funding. Longwall has been a superb investor, permitting us to focus on rapid product development to the extent that we will be achieving in-orbit demonstration of our disruptive technology next year. This means that we have gone from concept to flight in less than 3 years – a record for the space industry”.

David Denny, a partner in Longwall Ventures, added: “Oxford Space Systems makes for an attractive investment due to an industry experienced team, a disruptive new technology and a strong network of relationships in both the traditional and so called ‘New Space’ sector. OSS has exceeded their first year targets so naturally we are delighted to lead the next round of investment. This will further enable Mike and his team to achieve sustainable commercial success.”

Within its first year, OSS won development contracts with Airbus Defence & Space, Thales Alenia Space (UK), the UK Space Agency, as well as a number of overseas customers, including collaborations in Japan.

Toby Harper, founder and CEO of In-House Solicitors, added: “We are delighted to have advised OSS and are particularly pleased to see the business secure this latest round of funding. The UK Space Agency biennial report into the progress of the UK space sector published in October 2014, says the sector is worth over £11bn to the UK economy, is growing at 7% per annum and directly employs 34,000 primarily highly skilled workers and supports over 70,000 people in other sectors. Mike and his team have made great progress since the business started; OSS has tremendous growth potential and presents a highly attractive investment opportunity.”

The £1.2m funding round also comprised significant investment from IQ Capital, Wren Capital, the Rainbow Seed Fund (managed by Midven) together with another fund managed by Midven.