We are proud to have acted as legal adviser to Innovation Investment Capital (IIC), the Cardiff Capital Region-backed fund, on its equity investment into Space Forge – a leading in-space semiconductor manufacturing company headquartered in Cardiff and with operations in Florida, USA.
IIC’s investment is part of a record-breaking $30 million Series A funding round led by the NATO Innovation Fund, with significant support from a strategic global consortium including World Fund, the National Security Strategic Investment Fund (NSSIF) and the British Business Bank through its Regional Angels Programme.
Founded in 2018, Space Forge is developing revolutionary in-orbit manufacturing techniques to produce next-generation semiconductors. Their in-space manufacturing technique provides optimal conditions for growing semiconductor crystals, creating superior properties to semiconductors manufactured on earth, with the capability to return them safely to Earth for use as a base material in advanced semiconductors.
This latest transaction is the fourth investment made by IIC and represents another step in the fund’s strategy to back high-growth, innovation-driven businesses across the region.
IIC is managed by Capricorn Fund Managers and administered by PwC.
Rob Asplin, PwC Partner, commented:
“It has been great to work with the Hugh James team again and to provide our collective support to the fund on such an interesting and innovative opportunity in the region.”
Lynda Stoelker, Capricorn Fund Managers’ COO and Chair of the IIC Investment Committee, also said:
“It was a pleasure working with Hugh James on the Space Forge investment. Their team provided clear, commercially focused advice and ensured a smooth, efficient process from start to finish.”
The team advising IIC was led by Partner and Head of Corporate/Commercial Gerallt Jones, supported by Senior Associate Gemma Davies.
Gerallt Jones commented:
“The semiconductor industry is a key focus of the Cardiff Capital Region so we’re particularly pleased to have supported IIC on its investment in this exciting growth sector. IIC is committed to supporting pioneering businesses with bold ambitions, and Space Forge is a standout example. Its pioneering approach to space-based manufacturing has the potential to transform high-tech industries. We’re proud to have played a part in making this investment a reality.”
We are proud to be able to continue to support IIC as it delivers on its mission to foster sustainable economic growth and technological innovation throughout the Cardiff Capital Region.
