University of Strathclyde: University part of multi-million funding round for Glasgow-based Space Company

A start up space company has been awarded £300,000 funding from the University of Strathclyde.

Craft Prospect, whose CEO is a Strathclyde alumnus, secured the funding for commercial growth through the Strathclyde Inspire Investment Fund.

The Glasgow based company also received a £870,000 grant award through the UK Space Agency (UKSA) National Space Innovation Programme for its Responsive Operations for Key Services (ROKS) Mission.

Next generation
The funding supports the company’s Smart Secure Space vision to provide quantum and onboard Artificial Intelligence products and services for next-generation space systems.

The Responsive Operations for Key Services (ROKS) pathfinder mission will demonstrate technologies for future secure telecommunication systems using quantum communications and supported by artificial intelligence.

Quantum computing
With the emergence of quantum computing comes the threat to communications and encryption systems, with these next generation computers able to break the commonly used methods. The ROKS mission moves forward the capabilities of the UK to respond to these threats using small and responsive CubeSat approaches able to facilitate and maintain the integrity of our global communication networks.

The funding follows on from a successful investment of more than £1m from Capital for Colleagues, a fund that advises and invests in employee-owned businesses, and Scottish Enterprise earlier in the year.

Cutting edge
In addition to the University, the company will lead a consortium including the University of Bristol and Fraunhofer UK, and Managing Director Steve Greenland said: “Securing such significant follow-on funding from the UK Space Agency shows the quality of the cutting-edge work already delivered by the team and the return from our investment in growing our capability and facilities over the last five years.

“With existing strong research links into the University of Strathclyde, we can see a pipeline of opportunities to collaborate on industrialising and deploying these emerging technologies in space, and now have the financial backing required to deliver further high value demonstrations.”

Dr Poonam Malik, Head of Investments at the University of Strathclyde, said:

We are proud to invest in a Strathclyde alumni start up in the space sector through our Strathclyde Inspire Investment Fund. Strathclyde has a strong tradition of investing in innovative companies, and quantum technologies and space are key priority research strength areas at the University.
“We look forward to supporting Craft Prospect on future growth, alongside Capital for Colleagues and Scottish Enterprise, and our University academic teams collaborating with Craft on further research and innovation projects.”

Over the last 12 months the company has created more than 10 highly skilled jobs in the space, quantum and artificial intelligence domains based in the old Fairfield shipyards in Govan, Glasgow as well as creating optical and AI development and testing cleanroom facilities.

Alistair Currie, CEO of Capital for Colleagues, the lead investor of this funding round said, “We are delighted to have supported Craft Prospect in becoming employee-owned and believe our investment will help the company to become a leader in the Scottish Space sector.

“We would like to congratulate Craft Prospect on securing this additional funding and look forward to working with both Scottish Enterprise and the University of Strathclyde in future in this sector”.

Vital role
Colin Baldwin, Head of Local Growth at the UK Space Agency, said: “Scottish space companies like Craft Prospect are playing a vital role in the UK’s thriving space sector.

“This project will improve our ability to respond to threats to important communications and encryption systems, and it’s a great example of how innovative space technologies can be used to help solve challenges here on Earth.”

The Scottish space sector is made up of 133 organisations with 83 headquartered in Scotland, and employs more than eight thousand people.

Comments are closed.