Optical components maker Axenic secures £500k backed by Maven and Finance Durham Fund
At a glance
This article covers a £500k funding round on 6 October 2025 at Axenic, a Durham-based manufacturer of advanced optical modulators for satellite communications, founded by Stephen Clements. The round raised £500k, led by NPIF II – Maven Equity Finance with support from the Finance Durham Fund.
What does Axenic do?
Axenic manufactures optical modulators and electronic components for use in satellite and aerospace systems. These devices enable high speed optical communication between satellites, ground stations and aerospace platforms.
Why is Axenic useful?
Problem
Satellite manufacturers and operators need high-speed optical components to enable reliable, high-bandwidth communication in space. Limited specialist suppliers and production capacity make it hard to scale and meet growing demand from customers.
Solution
Axenic explains that it develops and supplies specialised optical modulators that enable high-speed space communications for LEO satellites and aerospace. It is scaling manufacturing and investing in capacity and equipment to meet growing customer demand.
How much did Axenic raise?
Axenic raised £500k in a finance round from NPIF II – Maven Equity Finance and the Finance Durham Fund (both managed by Maven Capital Partners). This makes it the 14th largest funding round in October 2025 (14 recorded). By size, the round comes in 444th for 2025 (486 recorded) in the Startupmag database, as of 6 October 2025.
For details on how Startupmag compiles its rankings, view our Methodology.
Who invested in Axenic?
Key investors in the funding included:
- NPIF II – Maven Equity Finance: A British Business Bank Northern Powerhouse Investment Fund vehicle that provides equity finance to early-stage and scaling businesses across the North of England.
- Finance Durham Fund: A Durham County Council-backed fund that offers flexible equity, debt and mezzanine finance to early-stage and established businesses across County Durham and the surrounding area.
In the funding announcement, Michael Dickens from Maven Capital Partners 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.
The investor added they will support Stephen and the team as they enter the next phase of growth.
If you're researching potential backers in this space:
- Explore our list of tech venture capital firms in the UK
- Browse our directory of tech angel investors in the UK
Who founded Axenic?
Stephen Clements is the founder of Axenic.
In the funding announcement, Stephen Clements explained:
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.
The company continued that it was seeing strong demand for its devices and that the funding would provide scope to grow alongside 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.
Where is Axenic based?
Axenic is based in Durham, UK.
What sector is Axenic in?
Axenic operates in the technology sector. The technology sector develops hardware and software to solve problems and improve services. In plain terms, it makes devices and software that help people and businesses connect and work faster.
Key trends and challenges in satellite communications:
Rising demand for LEO broadband and optical links
Low Earth orbit constellations like Starlink and OneWeb drive demand for optical inter-satellite links. Optical links deliver fibre-like bandwidth between satellites, improving global internet speeds.
Manufacturing and supply constraints for specialised components
Specialised optical modulators and laser components often have long lead times. Small production volumes and complex testing can limit manufacturing scale-up.
Regulation, spectrum coordination and orbital congestion
International spectrum coordination and orbital slot allocation remain slow and fragmented. Growing satellite numbers increase collision risk and the amount of dangerous debris.
For a deeper look at innovation in this space, see the tech startups in the UK.
They've invested in Axenic
Get to know these tech investors
Click here for a full list of 7,233+ startup investors in the UK