Case study
Founded in 2013 by Mike Lawton, Juan Reveles, Matthew Dreaper, and Vincent Fraux, Oxford Space Systems (OSS) is a leading UK space‑technology company that specialises in the design and manufacture of advanced deployable antennas and structures for satellites. The company set out to transform the performance of satellite hardware by introducing lighter, more compact and easily deployable systems.
| Region/Nation | South East |
|---|---|
| Sector | Specialist Engineering, Infrastructure |
| Programme | Enterprise Capital Funds |
| Partner |
Support from the Bank
Developing space hardware requires significant upfront investment, long development cycles and extensive testing before products can be deployed in orbit. For OSS, securing early‑stage capital was essential to building its engineering team, maturing its technology, and demonstrating flight‑ready systems to initial customers.
The British Business Bank played a central role in OSS’s funding journey through its backing of specialist venture capital funds. In 2014, OSS received its first institutional investment via Longwall Ventures, which was backed by the Bank’s Enterprise Capital Funds (ECF) programme, shortly after the company’s formation.
OSS later completed a £6.7m Series A round in 2018, led by Longwall Ventures with participation from IQ Capital, another British Business Bank-supported fund. IQ Capital and Longwall have continued to support the company through subsequent rounds, helping to accelerate the development and commercial readiness of OSS’s deployable‑antenna portfolio.
Sean Sutcliffe, Founder and CEO, Oxford Space Systems:
Having investors who understand the market and realities of deep‑tech development made all the difference. The support from British Business Bank-backed funds enabled us to accelerate our engineering roadmap and reach key in‑orbit milestones. In turn, proving our technology’s capabilities which led to us winning new customers and growing our business.
In 2020, OSS received additional finance from the National Security Strategic Investment Fund (NSSIF). Delivered in partnership with the British Business Bank, NSSIF is the UK Government’s venture fund which brings together government and private capital to co-invest in companies developing technologies that are critical to the UK’s national security and sovereignty.
OSS also received secured debt financing from SPRK Capital across 2024 and 2025, supporting the company during a key phase of its development.
Impact of funding: what has Oxford Space Systems gone on to do?
These investments allowed OSS to expand its manufacturing and engineering capability in the UK, grow its team, and complete the technology demonstrations needed to secure commercial, defence and international contracts.
In January 2026, OSS successfully launched the CarbSAR IOD (carbonite, synthetic aperture radar, in-orbit demonstration) satellite, marking the first time its innovative foldable antenna has been deployed into space after years of testing.
Matthew Dreaper, Co-Founder and Chief Financial Officer, Oxford Space Systems:
Having the support of NSSIF and British Business Bank signalled confidence to other investors and our prospective customers, positioning OSS as a trusted supplier for national‑security missions and high-priority commercial projects. The funding provided by SPRK Capital, Longwall Ventures and IQ Capital have enabled us to invest in our technical capabilities, improve our product-testing and rapidly scale‑up our production.
Sean Casey, Senior Manager, Development Equity, British Business Bank:
Oxford Space Systems’ success is an example of how British Business Bank-backed funds help UK businesses scale and compete globally. It is also a testament to the UK space sector – which contributes £7.2b in GVA to the UK economy – and its growth potential. OSS now supports a wide range of commercial and national security missions, playing a vital role in the UK’s space sovereignty and shaping the future space economy.
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