The investment was made through SSIT’s C share portfolio. The financing round resulted in a material uplift in the fair value of the trust’s existing holding in Xona, making it SSIT’s second-largest portfolio holding.

The revised valuation represents an increase of 22.0p per ordinary share, gross of any performance fee accrual, compared with the last published fair value as at 31 March 2026. SSIT expects to substantially reflect the uplift in its portfolio valuation as at 30 September 2026. 

Following the financing round, SSIT’s existing holding in Xona is valued at $106.5m. Including the new $15m investment, its combined holding is valued at $121.5m. 

Xona is developing what it describes as the world’s first commercial GPS constellation in low Earth orbit. Its satellite network is designed to improve the accuracy, resilience and security of existing satellite navigation infrastructure, which is currently operated by nation states.

The company says its technology can deliver centimetre-level positioning accuracy, around 50 to 100 times better than traditional GPS, through a software upgrade to existing devices.

James Bruegger, chief investment officer at Seraphim Space Manager, said: “Xona is addressing a fundamental challenge: the world is becoming increasingly dependent on satellite navigation, but existing infrastructure cannot provide the accuracy, resilience and security that next-generation applications require.

“This financing is an important milestone as Xona builds a commercial upgrade to GPS, on which the global economy depends. Xona is now SSIT’s second-largest portfolio holding, reflecting the progress the company has made and our conviction in the scale of the opportunity ahead.

“It also demonstrates the Seraphim model at its best: identifying exceptional founders early, supporting them through our accelerator and continuing to invest as they scale. Having backed Xona from the outset, we believe it has the potential to redefine satellite navigation globally, and we are excited to support the team as it turns that ambition into reality.”