aXenic Announce Maven Investment
Maven backs high-tech space communications firm aXenic with £500,000 investment
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 www.businessdurham.co.uk
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 www.northernpowerhouseinvestment fund.co.uk
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
L-R Sarah Newbould, Stephen Clements, Kerry Walker, Michael Dickens.
aXenic Modulators in Space Application
aXenic is pleased to confirm that its optical modulators are successfully being used in space. They are implemented in inter-satellite optical links in a low earth orbit constellation which have been operated since earlier last year. The deployment of the constellation continues.
Steve Clements, CEO of aXenic said:
“This marks the achievement of another key milestone in establishing our modulators for use in satellite applications and demonstrates their capability and performance in space. The combination of small size and weight and low power, together with their high bandwidth, means they are a compelling case for current and future generations of satellite based optical communications.”
Schools Visit
STFC Space Technology Applications summer school
In September, aXenic welcomed students from the STFC Space Technology Applications summer school as they visited the NETPark site. The visit aimed to give the students a chance to hear about the challenges of working in the space sector, as well as learn about some of the cutting-edge technologies that are being developed here at NETPark.
It was a fantastic opportunity to talk to the students about our company history and introduce them to our modulator technology, and we hope they enjoyed gaining some insight into what we do here at aXenic!
UK Semiconductor Strategy Published
aXenic welcomes the publication of the UK Semiconductor Strategy today, recognising the strength of compound semiconductors in the UK and their importance for the economic growth and wellbeing of the country. It recognises the strength of the North East region across its highlighted priority areas which provide the foundation for the aXenic business with its focus on design and its UK supply chain.
The strategy’s emphasis on infrastructure to catalyse growth is welcomed, for UK business and SMEs in particular. aXenic will press for focus on scale-up as the key step for building on the global excellence of many early-stage companies like aXenic that exist in the UK, which has proven to be the difficult area for UK industry in the past.
The strategy clearly and correctly focuses attention in the important area of scaling up compelling, world competitive, semiconductor based businesses and aXenic looks forward to participating in and advancing this strategy.
aXenic
NETPark, Co. Durham
Contract Announcement
aXenic receives substantial order for GaAs modulators for Satellite based Communications
aXenic have been awarded a contract for the supply of its leading IQ modulator product for a large satellite-based communication application. This will deliver more than 200 parts through 2023. The contract takes advantage of the space compatible technology of the aXenic products, using its gallium arsenide based devices for reliability and performance. It represents state of the art in terms of its use of bandwidth in a real space application, but the extended bandwidth capability of the device makes it of interest for the next two generations of satellite based optical communication.
Steve Clements, CEO of aXenic said:
“This most recent order for one of our world leading IQ modulator family of products marks another recognition of the capability and performance of gallium arsenide devices for space applications. It comes after several other orders and repeat orders, which demonstrate the increased interest from many leading satellite makers around the globe, for the use of our devices in current and next generation optical communication satellite networks.”
aXenic Presenting at Space Optics Conference
ICSO 2022 is the 14th edition of the largest meeting worldwide of experts working in all disciplines of Optical, Optoelectronic and Photonic Technologies for Space Applications. aXenic will participate in the session on Wednesday, October 5, 2022, 17.30-18.30 PM, with its paper Space Grade Gallium Arsenide IQ and Modulator Arrays for VHTS Photonic SatCom Systems.
North East Advanced Material Electronics
GROUP LAUNCHED TO BUILD ADVANCED MATERIAL ELECTRONICS SECTOR
aXenic is one of the founder members of a number of North East based companies working in advanced material electronics which has launched a cluster group at a national conference being held in the region.
The cluster of companies in the North East are developing exciting new forms of semiconductor technologies and applications used in many everyday items from sensors and imaging technologies for internet-connected household objects to satellite and mobile communications.
The sector is projected to contribute £447m Gross Value Added to the regional economy by 2026, with the potential to create and support around 4,500 jobs.
Steve Clements, aXenic Chief Executive Officer said: “NEAME will act as a single voice to work together in this sector and help address their main challenges and opportunities The North East is a remarkably innovative area for many leading companies like aXenic and NEAME seeks raise the profile of the region’s competencies and aid the growth of the cluster members.”
Paul Howell, MP for Sedgefield who officially launched the group said: “The North East continues to pioneer and develop new technologies that can have a huge impact on a global scale. The formation of NEAME highlights the strength of the region’s growing advanced material electronics sector and presents an opportunity to develop the skills and the jobs of the future, establishing the North East as a global hub for this technology.”
NEAME was launched as part of NMI (National Microelectronics Institute) national conference, which was being held at Ramside Hall. During the last 25 years NMI have supported the semiconductor design, manufacturing and supplier communities adding value through collaboration, networking and knowledge sharing.
Details of NEAME can be found on their website including how to join the network at www.neame.org.uk
Other founding companies in the cluster are: Evince, Filtronic , Inex, Isocom, Kromek, Pragmatic, Viper RF and II – VI.
ISO9001 and Cyber Essentials
aXenic achieve certification
aXenic has achieved full certification to the ISO9001:2015 standard following audits with NQA as our current accreditation body. This has also been supplemented by meeting the requirements of Cyber Essentials to demonstrate our ability to operate with good practice with regards to information security. These measures help us assure security to operate with our partners, both customers and suppliers, as our business continues to grow across our target markets.
More information, and a link to the accreditation certificates, can be found on the accreditations page
European “Flexible-HTS” project launched
A European R&D project increasing the maturity (TRL) of space grade photonic components for the next generation of flexible high throughput satellites
aXenic is pleased to announce the launch of PhLEXSAT (Photo-Digital Channelizer for Flexible Digital High Throughput Satellites) a 30-month EC-funded H2020-SPACE R&D project which started on 1st November 2020. aXenic will receive funding of nearly €400k over the period of the project.
Photonic technologies are key enablers to satisfy the requirements of future Terabit/s communication satellites. PhLEXSAT will increase the maturity level of several key photonic devices and modules to TRL5, designing, fabricating, and testing 1) Photonic sampler, 2) ultra-low jitter photonic clock for precise sampling, 3) Photonic-assisted ADC and DAC for digital channelizers for up to W-band operation and 4) onboard digital processing firmware. Miniaturization will be achieved by fabricating and integrating a Mach Zehnder Modulator photonic integrated circuit (PIC) and high-linear photodiode PIC with electronics in the photonic ADC and DAC components.
PhLEXSAT brings together a team of leading European innovators with complementary expertise in commercial satellite operation, photonic satellite payload design, electronic and photonic integrated circuit design, optoelectronic assembly, and packaging. The consortium members are DAS Photonics (Spain), MDA Space and Robotics (UK), aXenic (UK), Fraunhofer (Germany), Argotech (Czech Republic) and Eutelsat (France).
aXenic modulator used in Breakthrough Ultra-High-Speed Demo
- published in ECOC2020 post-deadline paper
In a Post-Deadline paper at the foremost European Conference on Optical Communications in Brussels it was highlighted that our QPSK modulator (aXSD2050) had been critical in a breakthrough ultra-high-speed transmission experiment to achieve 220GBaud. The authors, based at Huawei’s Munich optical network team, stated that this was a world first, beating previous best of 95GBaud in commercial products and 192GBaud in previous academic research. Our congratulations to the team for achieving this result.
The experiment took advantage of the outstanding high bandwidth of our modulator which was shown to achieve close to 50GHz in a 3dB bandwidth. The stable operation of the modulator makes it an excellent option for achieving the highest transmission speeds and has attracted great interest amongst our customers.
Huawei’s paper is published here and the paper was SC5 PD24 presented at ECOC 2020 in Brussels.
European “Photonic-VHTS” project launched
A European R&D project developing space photonic components for the new telecom satellite generation
aXenic is pleased to announce the launch of SIPhoDiAS (Space-grade Opto-electronic Interfaces for Photonic Digital and Analogue Very-high-throughput Satellite payloads), a 3-year EC-funded H2020-SPACE R&D project which started on 1st January 2020. aXenic will receive funding of €400k over the period of the project.
SIPhoDiAS is focusing on the development of space-grade opto-electronic (O/E) modules and sub-systems for next generation, very high throughput telecom satellites (VHTS). The O/E interfaces developed by the project are digital transceivers, analogue photodetectors and modulators which are deployed in the highest volumes and are used to interconnect equipment at the edge and within the satellite payload. SIPhoDiAS targets the development of this space photonic component generation by leveraging reliable manufacturing, assembly and packaging technologies that exist within Europe. The project drives its component design around the upgrade of opto-electronic performance and the shrinking of size and power consumption. The component functional performance will be demonstrated through their integration into digital processor and analogue photonic-RF conversion sub-systems. Reliability will be demonstrated through a rigorous validation test campaign.
aXenic contributes high bandwidth optical modulators as arrays, for global leading performance in terms of size weight and power for satellite compatible optical networks.
SIPhoDiAS brings together a team of leading European innovators with complementary expertise in electronic and photonic integrated circuit design, optoelectronic assembly and packaging, system integration and space qualification testing. The consortium members are: ALBIS Optoelectronics (Switzerland), ALTER Technology (Spain), ALTER Technology (UK), IHP Microelectronics (Germany), LEO Space Photonics R&D (Greece) and Thales Alenia Space (France).
More information on this project is available at:
New Publication
Optical and Wireless Convergence for 5G Networks
Chapter 2 of this book summarises the work of the EU Seventh Framework project IPHOBAC-NG and is written by members of the project consortium, including aXenic’s Rob Walker and Steve Clements. This chapter describes the development of enabling technology leading to a successful field trial of an E-band (71-76GHz) hybrid fiber/wireless link, for which aXenic developed specialised Single Sideband (SSB) modulators antecedent to the current aXSD2050 IQ product.
Optical and Wireless Convergence for 5G Networks
Edited by
Abdelgader M. Abdalla, Jonathan Rodriguez, Issa Elfergani, Antonio Teixeira
John Wiley & Sons, August 2019
The book can be previewed on Google Books
UK Space Conference
aXenic Presents
In September 2019 aXenic presented at a Showcase event during the UK Space Conference held at the International Convention Centre in Newport, Wales. Rollo Hutson described an 8 week intern project he carried out at aXenic this summer investigating methods of extending the temperature range of aXenic’s Gallium Arsenide optical modulators. aXenic’s modulators already operate over a wide temperature range but some space applications require further extending the operating temperature to temperatures as low as -45C.
Rollo’s work investigating methods to deliberately apply controlled stress to the chip to compensate the thermal stress added at low temperatures showed up very promising routes for further investigation.
Rollo joined 48 other interns at the showcase event who were funded by the UK Space agencies SPIN intern scheme, to share their experiences of working in the space sector.
