Cardiff-based Space Forge, which is pioneering advanced material in space manufacturing such as compound semiconductors via its returnable satellite technology, has a secured 拢22.6m investment to support its commercialisation plans.
In the biggest ever Series A fundraising round in the 海角视频 space tech sector, and one of the biggest for a Welsh start-up, Space Forge has been backed by a strategic global consortium led by the NATO Innovation Fund, with significant support from the World Fund, the National Security Strategic Investment Fund (NSSIF) and 拢2m from the British Business Bank through its regional angels programme.
The round has also been supported by the Capital Region鈥檚 拢50m Innovation Investment Capital fund.
By harnessing the unique conditions of space-including microgravity, vacuum, and extreme temperature differentials-Space Forge, which employs 70 in Cardiff at Eastgate Business Park and also has a presence in Florida, is unlocking the ability to manufacture materials that are impossible to produce on earth.
These advancements have wide-reaching applications in compound semiconductors, quantum computing, clean energy, and defence technologies.
Research suggests space-made materials could cut CO鈧 emissions by 75% and energy use by 60% in key infrastructure, offering a powerful tool for strengthening climate resilience.
The latest investment will accelerate the development of the firm鈥檚 ForgeStar-2 next-generation returnable manufacturing satellite while also supporting its first in-orbit demonstration mission, ForgeStar-1, set to launch later this year in Florida.
Together, these missions will demonstrate a scalable, reusable platform for manufacturing high-performance materials in space-delivering breakthroughs for security, clean energy and infrastructure.
The technology offers a promising pathway to strengthen supply chains for semiconductor production, reducing dependence on vulnerable earth-based manufacturing systems.
Joshua Western, chief executive and co-founder, Space Forge, said: 鈥淭his funding marks a significant milestone-not just for Space Forge, but for the entire space economy. With the backing of our investors, we鈥檙e accelerating our mission to make space a practical and accessible platform for industrial-scale manufacturing.
"Our upcoming launches will prove that the future of materials innovation lies beyond earth, helping us build a more secure, sustainable, and technologically advanced world.鈥
The value of the equity investment by the Cardiff Capital Region in supporting the round has not been disclosed.
Its investment is the fourth from the fund which is managed by Capricorn Fund Managers with PwC providing on investment research and sourcing.
Leader of and vice chair of the Cardiff Capital Region - a statutory body covering the 10 local authorities of south-east Wales - Huw Thomas, said: 鈥淐CR is proud to help fund Space Forge鈥檚 next steps in on-earth and in-orbit advanced manufacturing.
"Their trailblazing approach in the space industry is gaining interest and investment in a highly competitive tech sector and it鈥檚 very encouraging to see a local pioneering company on a global stage.鈥
Dr Paul Bate, chief executive of the 海角视频 Space Agency, said: 鈥淭his landmark investment in Space Forge is a powerful vote of confidence in the 海角视频鈥檚 growing space economy and its global leadership in space-enabled innovation. Based in Cardiff Space Forge exemplifies how cutting-edge space technology is thriving across all corners of the 海角视频.
"By transforming the way we manufacture high-performance materials, Space Forge is not only pushing the boundaries of what鈥檚 possible in orbit, but will also deliver real-world benefits on earth 鈥 from cleaner energy to more secure supply chains. We鈥檙e proud to support pioneering companies like Space Forge as they grow and help secure the 海角视频鈥檚 position at the forefront of the space and semiconductor sectors.鈥
The calibre of investors backing this round reflects Space Forge鈥檚 growing importance in advancing secure, sustainable technologies - across defence, aerospace, and clean tech sectors globally.
Chris O鈥機onnor, partner, NATO Innovation Fund, said: 鈥淲e are excited to be supporting Space Forge 鈥 a company that is innovating material manufacturing, while also advancing Europe鈥檚 access to space, supply chain independence and long-term resiliency. We look forward to working with the Space Forge team to leverage their technological breakthroughs in order to secure the future of NATO nations.鈥
Daria Saharova, general partner at World Fund, said 鈥淒emand for computing power is doubling every two months. Europe imports 80% of its chip supply, with 90% of the world鈥檚 most-advanced semiconductors coming from Taiwan. A geopolitical escalation there could have catastrophic consequences for Europe. We urgently need a resilient, homegrown supply of the next-generation supermaterials required for the future of compute. We also need this homegrown chip supply to be produced sustainably.
Industry Minister Sarah Jones said: 鈥淭his is great news for the 海角视频鈥檚 space industry, and a vote of confidence in the cutting-edge advanced manufacturing technology Space Forge is pioneering in Wales.
Our modern industrial strategy will drive growth in these sectors even further, giving businesses the confidence they need to commit to investing in the 海角视频 and ensuring we remain a partner of choice for space agencies around the world.鈥
The round has also been supported by Gaingels, SpaceVC, Unruly, with additional contributions from Helium Three, Stellar and TypeOne, and London Technology Club.
Mark Barry, senior Investment director at British Business Bank, said: 鈥淲e are delighted to make this first investment under the new co-investment strategy as part of the regional angels programme.
The investment into Space Forge aligns with our overall programme goal to strengthen the 海角视频鈥檚 regional economy by supporting high-growth businesses, and to leverage the commercial potential from our existing portfolio.
"We first backed Space Forge through a partner back in 2021 and under Josh鈥檚 leadership, the company is delivering on its mission to be the in-space manufacturer of choice.鈥
