£500,000 funding boost for satellite comms firm

A NORTH East firm in the burgeoning space sector has secured investment totalling £500,000 to support its growth.

- GRAEME WHITFIELD

aXenic, a leading manufacturer of advanced optical modulators used in satellite communications, has secured £250,000 from the Northern Powerhouse Investment Fund II and £250,000 from the Finance Durham Fund. Both funds are managed by Maven Capital Partners.

Based at the NETPark in Durham since its spin-out from a NASDAQ-listed components manufacturer in 2015, aXenic has seen strong demand for its technology grow to the point where its current facility has reached full capacity.

The capital injection will allow the business to scale its infrastructure and operations, embark on a recruitment drive and invest in new equipment and stock. aXenic develops and supplies complex electronic components that enable high-speed optical communication in space.