It has been another busy month for Smallspark, with impressive progress being made on all fronts. We have weathered the impact of the COVID-19 outbreak without any major adverse effects to our timelines, and this, coupled with even greater levels of public recognition over the past quarter, is a testament to the resilience of the company, and the quality of our designs.
On funding, we were delighted to receive three prestigious grants, from SPRINT, Research England and the Westcott Business Incubation Centre, totalling in excess of £150,000, which serve as major validation for our company’s vision and the technology we have developed.
Following the awarding of these grants, and working with University partners including Bath, Southampton and Swansea, we are now exceptionally confident in our ability to deliver the Westcott Drive prototype rocket engine and the associated AI and software needed to bring our engines and technology to life.
Development of our artificial intelligence tool, MooreAI has also continued at pace, and we have seen immense progress on its development, which will allow us to utilise AI to optimise the design of our aerostructures. This, coupled with our other design tools, puts us well and truly at the cutting edge of this technology.
We have also seen a significant boost in our public profile and reputation over recent weeks. We were pleased to launch our brand new website, which encapsulates our vision, and showcases the products we are developing, and our new grant funding has received widespread media coverage, both in our regional Welsh newspapers, and in industry titles.
Going forward, our focus now shifts to our upcoming Enterprise Investment Scheme (EIS) fundraising round, scheduled for this Summer. We are in contact with a number of potential funds and private investors and we are very optimistic for a successful round at our new and increased valuation.
Yet we know that not everyone has been as fortunate as us over the past few months, and we are well aware of the impact of coronavirus on businesses, individuals and communities. We are committed to giving back wherever we can, and are currently working on a number of initiatives which we hope can make a real difference, both to our community in South Wales, and to awareness of the sector and its contribution more widely.
As things stand, the future is extremely positive for Smallspark, and we have a raft of new announcements in the pipeline as we enter the Summer months. We are immensely proud of our team and what we have achieved, and look forward to continuing to excel as work towards our mission – Reigniting UK Space.
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