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.
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 such a strong global demand for its technology that its current facility has now reached full capacity.
To support its next stage of growth, the business has secured a £500,000 investment from Maven. This 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.
The investment will enable aXenic to scale its infrastructure and operations, expand its team through a recruitment drive and invest in new equipment and stock to meet growing demand from new and existing customers as it expands its reach.
Pictured : Stephen Clements, CEO of aXenic.
“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.”
Stephen Clements, CEO at aXenic
“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.”
Michael Dickens, Investment Manager at Maven
“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.”
Cllr Joe Quinn, Durham County Council cabinet member for Resources, Investments and Assets
“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.”
Sarah Newbould, Senior Investment Manager at British Business Bank
This marks the latest investment made by NPIF II Maven Equity Finance and Finance Durham, showcasing Maven’s strong track record of identifying and nurturing high potential businesses, as well as the opportunity in the North East of England to drive innovation and growth. The Fund has also backed engineer specialist, Dyer, craft supplier, Crafter's Companion, a specialist contract research organisation, Magnitude Biosciences and radio-frequency identification innovator, PervasID.
NPIF II - Maven Equity Finance can provide investment of up to £5 million to support ambitious earlier and later stage businesses across the North East of England. If your business, or the business you advise, is looking for an equity investment as a solution to fund future growth, get in touch here >
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. get in touch here >