County Durham, 2025 – aXenic, a leading manufacturer of advanced optical modulators used in satellite communications, has secured a £500,000 investment to support its continued growth following global demand for its technology. The funding includes £250,000 from NPIF II – Maven Equity Finance as part of the British Business Bank’s Northern Powerhouse Investment Fund II (“NPIF II”) and £250,000 from the Finance Durham Fund established by Durham County Council and overseen by Business Durham, both managed by Maven Capital Partners (“Maven”).
Based at the North East Technology Park (NETPark) in Durham since its spin-out from a NASDAQ-listed components manufacturer in 2015, aXenic has seen strong demand for its technology grow to the point where its current facility has reached full capacity. The capital injection will allow the business to scale its infrastructure and operations, embark on a recruitment drive and allow aXenic to invest in equipment and stock to meet growing demand from new and existing customers as it expands its reach.
aXenic develops and supplies complex electronic components that enable high-speed optical communication in space. Its technology is used in Low Earth Orbit (LEO) satellite constellations and aerospace applications, with current customers including major European satellite and aerospace manufacturers as well as international space agencies and emerging players in the global satellite communications market.
Stephen Clements, CEO at aXenic, said: “Working closely with our wide range of satellite customers, aXenic has been able to build a global reputation for its unique technology, built on decades of world leading engineering expertise within the company. Having reached the point where capacity, equipment and working space is limiting our ability to grow further, we are delighted to have closed this finance round with Maven to support our next stage of growth in the optical satellite communication market. We are seeing huge demand for our strategically important devices and this funding provides scope for us to grow, along with the emerging market for the use of optics in space, to bring the equivalent improvement in bandwidth that fibre-optics has brought to the terrestrial communication market.”
Michael Dickens, Investment Manager at Maven, said: “aXenic has developed a globally competitive product with clear relevance to the fast-growing satellite communications market. With impressive traction across leading satellite and aerospace players, and a base at one of the UK’s leading science parks, the business is well positioned to capitalise on the rapid expansion of space-based connectivity. We’re pleased to support Stephen and the team as they enter this next phase of growth.”
Cllr Joe Quinn, Durham County Council cabinet member for Resources, Investments and Assets, said: “It’s fantastic to see Finance Durham supporting aXenic in their continued growth at NETPark, one of our county’s priority innovation sites. Their expansion reflects our ambition to supercharge County Durham’s economy by backing pioneering companies, creating high-quality jobs, and strengthening our reputation as the best place in the North East to do business. By fostering the success of businesses like aXenic, we’re not only supporting enterprise today but also helping to deliver the skills, opportunities, and investment that will drive our economy forward for years to come.”
Sarah Newbould, Senior Investment Manager at the British Business Bank said: “We are proud to support aXenic as it continues to grow and innovate from its base in the North East. This investment will help strengthen the region’s reputation as a hub for advanced technology and create new opportunities in the local economy. It’s exactly the type of ambitious business we want to see thrive through the Northern Powerhouse Investment Fund, and we wish the team every success as they scale up.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
The Finance Durham Fund is part of Durham County Councils strategy to deliver economic growth across County Durham by supporting local ambitious and entrepreneurial businesses who need access to the funding they require to grow. The Fund provides flexible equity, debt or mezzanine funding packages from £150,000 to £2 million for early stage and established businesses, investing across all sectors.
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Photo Caption: L-R: Sarah Newbould, Senior Investment Manager at British Business Bank; Stephen Clements CEO aXenic Ltd; Kerry Walker, Business Growth Director at Business Durham; Michael Dickens, Investment Manager at Maven Capital Partners.
Further information
For media enquiries or any questions about the investment, please contact:
Sapience Communications (PR to Maven)
Richard Morgan Evans 020 3195 3240
Maven Capital Partners
Emma Neal 0191 731 8695
Notes to Editors
About Maven Capital Partners UK LLP www.mavencp.com
Maven Capital Partners is one of the UK’s leading private equity firms, specialising in making and managing investments in high-growth British companies for a range of client funds including four long established VCTs. With a focus on innovation and value creation, Maven partners with visionary entrepreneurs to build market-leading businesses, supporting a range of transaction types, including growth capital and AIM investments for the VCTs, as well as management buyouts, buy and build projects, equity value release and pre-IPO financing for other clients.
About Business Durham
Business Durham is the business support service of Durham County Council which works as part of the Councils wider Regeneration Economy and Growth Directorate to deliver an attractive environment for business and economic growth. It is a knowledgeable and trusted guide which connects businesses with the right funding, advice, and networks they need to grow and thrive.
Business Durham works closely with partners to encourage an enterprise culture, helping entrepreneurs to turn bright ideas into a successful reality and students to develop enterprise skills to become our future business leaders. The organisation manages a portfolio of business property and excels in finding the right space for businesses to grow – commercial office space, modern laboratories and industrial property units. Business Durham attracts capital and inward investment to the county and develops an innovative economy that enables companies to grow and flourish. Business Durham builds long-term relationships to foster sustainable growth in businesses, raising economic aspirations and making Durham a place where business is done.
About the Northern Powerhouse Investment Fund II
- Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
- The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland.
For investment by NRIL at the sub-fund level
- The investment from the Nations and Regions Investments Limited into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.
For investment by NPIF II sub-fund at the investee company level
- The investment from the Northern Powerhouse Investment Fund II into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.
Smaller Loans from £25,000 to £100,000 – GC Business Finance & River Capital (North West), Business Enterprise Fund (BEF) (Yorkshire and Humber) and NEL Fund Managers (North East)
Business Loans from £100,000 to £2m – FW Capital (North West), Mercia (Yorkshire and Humber) and NEL Fund Managers (North East)
Equity Finance up to £5m – Prateura Ventures (North West), Mercia (Yorkshire and Humber), and Maven Capital Partners (North East)
Applications for funding are made directly to the relevant fund managers who can be contacted via the NPIF II webpages
About aXenic:
aXenic Ltd is a leader in the design, development, and production of optical modulators for high-speed communications and sensing applications, particularly within the satellite, aerospace, and defence sectors.
Founded in 2015 through a management buyout, aXenic Ltd is wholly owned by its employees and currently has approximately 15 staff.
aXenic Ltd is located in NETPark Plexus Durham.
Contact Details:
Stephen Clements – CEO
aXenic Ltd
NETPark Plexus
Sedgefield,
County Durham
TS21 3FD
