Scottish space tech firm Bright Ascension has secured more than £2.3 million in what is proving to be a busy period of growth, with the company also welcoming the appointment of a new CEO and the launch of a five-year strategic plan.

In a show of continued backing, existing investor Capital for Colleagues has swapped £1 million in short-term loans for convertible notes, deepening its stake in the space-software provider, with a further £600,000 coming from Scottish Enterprise, £600,000 from Harrock Capital Partners, and £150,000 from T J Morris (Investments) Ltd.

Bright Ascension, which counts offices across Edinburgh and Dundee, intends to use the funds to deliver an expanded portfolio of its HELIX suite of satellite software products, strengthen its international sales capabilities and pursue further innovation.

This latest investment follows a £2.25 million raise last year, which helped the company launch its services into the wider market.

“Bright Ascension is now well placed to accelerate the delivery of its HELIX suite into its substantial and rapidly growing target markets,” said Alistair Currie, chief executive of Capital for Colleagues.

Looking to capitalise on the bridge funding, Bright Ascension has announced that Sandy Damm will take the helm as CEO, while founder Peter Mendham is set to become chief technology officer, focusing on the company’s products and core technology.

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The company said that Damm brings with him a successful track record in developing businesses internationally through multi-channel networks, with his leadership experience being vitally important to take advantage of the opportunities for rapid growth that are available to Bright Ascension in the international space sector.

Damm will be backed by the leadership team of Pat Druken as COO and Laura Calder, the firm’s CFO, as the firm enters its next phase of growth, where it intends to deliver an expanded HELIX product portfolio, enhance our international sales capabilities, and drive sector innovation with a focus on interoperability and cybersecurity-first engineering.

“Bright Ascension has a strong foundation and a pioneering heritage that we intend to continue and build upon,” said Damm.

“With a powerful technology platform, an expert team, and clear ambitions, we’re now ready to accelerate our international presence and bring truly interoperable, cyber-resilient solutions to market.”