Xona Space Systems Fully Funded for First LEO Satellite Navigation Mission

Xona Space Systems, the leading innovator in
precision LEO satellite navigation services, announced today that it has raised a new funding
round co-led by Seraphim Space Investment Trust (LSE:SSIT) and MaC Venture Capital, with
participation from Toyota Ventures, Daniel Ammann (co-founder of u-blox), and Ryan Johnson
(former CEO of BlackBridge, operator of the Rapideye constellation). Follow-on investors also
include 1517 Fund and Stellar Solutions.

Global Navigation Satellite Systems (GNSS) such as GPS and Galileo have become the
backbone of nearly every aspect of the modern connected world. However, threats to these
legacy systems along with consumer demands for enhanced performance are increasing
rapidly.

Xona’s PulsarTM precision LEO PNT (positioning, navigation and timing) service leverages the
recent advances in small satellite technology to provide users with a secure and robust
alternative to traditional GNSS. Xona’s patent pending system architecture utilizes the efficiency
of small satellites to provide an affordable global service with more than 10x better accuracy and
100x better interference mitigation than the legacy systems.

“We view global coverage of a safe, secure, and highly accurate navigation service as critical
to the future of autonomy and countless other markets,” says Jeff Crusey, Investment Director of
Seraphim Space Investment Trust. “We’re excited to continue supporting Xona because they’re
an extremely talented and uniquely positioned team to execute on this plan.”

The funds raised this round will support the completion of Xona’s first orbital mission, scheduled
for mid-2022, to demonstrate the capabilities of their PulsarTM precision LEO PNT service, the

first ever independent high-performance satellite navigation and timing system designed to meet
the needs of intelligent systems.

“The time is ripe for the next generation of satellite navigation systems with lower-cost private
launch services,” said Jim Adler, Founding Managing Director of Toyota Ventures. “Xona Space
Systems is bringing a better navigation solution with break-through availability, accuracy, and
security. Brian and his team are combining innovative technology with a smart business model,
and we’re excited to join their journey as part of their investment team.”

Xona successfully tested their navigation system during a ground-based demo earlier this year
marking a major milestone for the company, and is now expanding their laboratory facilities to
support further development and enable on-site testing and manufacturing. This round will also
provide for the continued growth of their highly technical team that is composed of space and
GNSS experts from both the private and commercial space industry, including NASA, Lockheed
Martin, Maxar, L3 Harris, Blue Origin and SpaceX alumni.

“Knowledge of location and time is one of the most fundamental aspects of both human life and
machine operation,” says Brian Manning, CEO of Xona. “GNSS creates trillions of dollars of
value by accurately answering the questions of ‘where am I?’ and ‘what time is it?’ for users all
around the world. Xona was founded around the mission of enabling modern technology to
operate safely in any environment, anywhere on Earth. To achieve this for both humans and
machines, a foundation of reliable and accurate PNT is an absolute necessity, which is exactly
what we are working to provide at Xona.”

Media Inquiries:

Jennifer Thompson

jen@eighthrule.com

+1 (503) 724-4076

About Xona Space Systems, Inc.

Xona Space Systems is developing the first ever independent high-performance satellite
navigation and timing system designed to meet the needs of intelligent systems. Delivered via a
secure, high-power signal from Xona’s low Earth orbit satellites, the patent-pending PulsarTM
service aims to enable the next wave of connected technology. Learn more at
www.xonaspace.com or follow Xona Space Systems on Twitter @XonaSpace.

About Seraphim Space Investment Trust (LSE:SSIT):

Seraphim Space Investment Trust is the world’s first listed fund focused on Space Tech. The
Company seeks exposure predominantly to early and growth stage private financed Space Tech
businesses that have the potential to dominate globally and that are sector leaders with first
mover advantages in areas such as climate, communications, mobility and cyber security.

The Company listed on the Premium Segment of the London Stock Exchange on 14 July 2021,
following an oversubscribed IPO raising £178.4 million.

Seraphim Space Investment Trust is managed by Seraphim Space (Manager) LLP.
Further information is available at: www.seraphim.vc

About MaC Venture Capital:

MaC Venture Capital is a seed-stage venture capital firm based in Los Angeles and Silicon
Valley that invests in technology startups leveraging shifts in cultural trends and behaviors. The
general partners represent diverse backgrounds in technology, business, politics, entertainment,
and finance, allowing them to accelerate entrepreneurs on the verge of their breakthrough
moment. The firm provides hands-on support crucial for building and scaling category-leading
companies, including operations strategy, brand building, recruiting, sales development, and
mission-critical introductions. MaC Venture Capital is the result of a merger between Cross
Culture Ventures, co-founded by Marlon Nichols, and M Ventures, co-founded by Adrian Fenty,
Michael Palank, and Charles D. King. Find MaC Venture Capital online at
www.acventurecapital.com and @MaCVentureCap.

About Toyota Ventures:

Toyota Ventures is a San Francisco Bay Area-based venture capital firm that invests in
early-stage startups from around the world. Founded in July 2017, its mission is to discover
what’s next for Toyota by helping startups bring disruptive technologies and business models to
market quickly. With more than $500 million in assets under management, the firm’s funds
include the Toyota Ventures Frontier Fund focused on artificial intelligence, cloud computing,
autonomy, mobility, robotics, smart cities, digital health, financial technologies, materials, and
energy; and the Toyota Ventures Climate Fund focused on innovative solutions for carbon
neutrality. For more information about Toyota Ventures and its portfolio companies, please visit
www.toyota.ventures.