ALL.SPACE - Comprehensive Analysis Report
Summary
ALL.SPACE, formerly known as Isotropic Systems, is a UK-based company established in 2013, renowned for its fifth-generation smart terminal technology. The company provides advanced satellite antenna systems and telecommunications end-user equipment, revolutionizing global communications. ALL.SPACE operates as a key defense partner within the AUKUS pact, supplying advanced satellite communication systems to organizations such as the UK Ministry of Defence and the US Department of Defense. Its core mission is to enhance network security, resiliency, and agility in satellite data exchange, with a vision to deliver ubiquitous connectivity across space, land, air, and sea.
1. Strategic Focus & Objectives
Core Objectives
ALL.SPACE's primary objective is to develop cutting-edge SATCOM terminals capable of delivering unparalleled resilience, security, and reliability. This is achieved through unique full-performance multi-link capabilities, enabling simultaneous connection to multiple satellites across different orbits (LEO, MEO, HEO, and GEO). The company aims to ensure persistent and uninterrupted multi-service communications for both defense operations and global commercial markets.
Specialization Areas
The company specializes in advanced satellite communication systems and end-user equipment. Its unique platform converges multiple satellite and cellular networks simultaneously, offering extensive mobility solutions for land, sea, and air applications. This approach provides real-time access to vital information for strategic decision-making and enhances communication for critical missions. ALL.SPACE's technology facilitates network convergence and is designed to be fully integrated, reconfigurable, and future-proof.
Target Markets
ALL.SPACE primarily targets defense and government applications, where high-security, resilient, and reliable communication is paramount. Additionally, the company serves global commercial markets, providing solutions for a broad range of clients across air, land, and sea.
2. Financial Overview
Funding History
ALL.SPACE has raised a total funding of $202 million across 12 rounds, which include 2 Seed, 6 Early-Stage, 1 Late-Stage, and 3 Grant rounds.
September 2021: A Series B round for $59 million, led by Seraphim. This was the company's largest funding round to date.
October 2024: Announced $44 million in funding to support the commercial launch of its first-generation terminal. This round was led by the BOKA Group, with additional participation from existing investors AE Ventures (the venture capital platform of AE Industrial Partners, LP), Seraphim Space, Promus Ventures, and other investors.
July 22, 2025: A Grant (prize money) round for $3.99 million, with participation from Trinity Capital, In-Q-Tel, Gov.uk, and AE Industrial Partners. This represents the company's latest funding round.
January 2019: Announced a $14 million Series A round led by Boeing HorizonX Ventures, with participation from WML, Space Angels, and Space Capital.
Regarding revenue, ALL.SPACE's revenue as of December 31, 2023, was $11.5 million. Other reports indicate a revenue of $6.2 million, and another showcases $28.4 million.
3. Product Pipeline
Key Products/Services
ALL.SPACE's primary product offering is the Hydra Terminal Range, advanced satellite communication platforms explicitly designed for defense and government applications.
Hydra 2 (Dual-link): Provides resilient multi-orbit mobility. These terminals are fully integrated, easy to deploy, and deliver enhanced mission assurance, collaboration, and automation.
Hydra 4 (Quad-link): Offers multi-band capability for advanced MilSatCom requirements.
Development Stage & Trials:
In 2021, successful multi-beam, over-the-air trials were conducted in the UK and US with the U.S. Military under the Defense Experimentation Using Commercial Space Internet (DEUCSI) program. These trials evaluated the ability of Isotropic Systems' (now ALL.SPACE) optical beamforming antenna to provide high-speed, real-time data simultaneously over multiple commercial and military satellites. The first phase dual-beam tests demonstrated the transformational optics for linking with multiple satellites. Commercial launch of the optical multi-beam antenna production was scheduled for 2022.
4. Technology & Innovation
Technology Stack
ALL.SPACE is known for its fifth-generation smart terminal technology, which concurrently links with all satellites and networks across all orbits.
Proprietary Developments: The company's proprietary technology includes a transformational optical beamforming technology. This innovation allows for communication terminal solutions that are more cost-effective, use significantly less power, and achieve superior performance by controlling the direction of radio waves.
Core Platforms: A ground-breaking software-defined service enablement platform integrates intelligent routing, edge computing, integrated modems, and cellular access into a fully integrated solution. This platform delivers multiple, simultaneous, full-performance links and can connect with any combination of cellular and satellite networks.
Technical Capabilities: The S2000 range of terminals is customizable across various sizes, Tx/Rx ratios, aperture combinations, and scan ranges, offering up to 8,100 unique configurable options through its modular architecture.
Patents: ALL.SPACE holds 124 patents in its technological area.
5. Leadership & Management
Executive Team
Paul McCarter: Chief Executive Officer. Mr. McCarter possesses extensive experience in UK and global markets, particularly in Communications, Government, Defence, and Security. He has a military background and has held CEO and Group MD roles at Racal, Thales, Cobham, and Serco.
Nigel Fox: Chief Financial Officer. A Fellow of the Institute of Chartered Accountants, Mr. Fox brings extensive experience in the satellite industry, including serving as CFO of Avanti Communications. He joined in December 2021.
Rod McCurdy: Chief Operating Officer and US President.
Charles Hannaford: Chief Revenue Officer. Mr. Hannaford has over 15 years of experience in the satellite industry.
John-Paul Szczepanik: Chief Technology Officer. Mr. Szczepanik is a skilled technology entrepreneur with over 20 years of engineering experience.
Michael Lohnert: Chief Commercial Officer. Mr. Lohnert took over from Scott Sprague, who previously held the CCO role.
James Liddiard: General Counsel.
Board of Directors:
Chris Emerson: Chairman. Senior Partner at AE Industrial. Previously served as Chairman and CEO of Airbus U.S. Space and Defense, and President of Airbus Helicopters Inc.
General James “Jim” McConville (US Army, retired): Director. Operating Partner at AE Industrial. Formerly the 40th Chief of Staff of the U.S. Army.
John Finney: Director, Founder & Strategic Advisor. Founder of ALL.SPACE.
John James: Director. Managing Partner at Boka Capital.
Patrick McCall: Director. Operating Partner at Seraphim.
Paul McCarter: CEO, ALL.SPACE.
Nigel Fox: CFO/Company Secretary, ALL.SPACE.
Recent Leadership Changes
September 4, 2024: Paul McCarter was appointed as Chief Executive Officer, succeeding founder John Finney. John Finney continues to contribute as Founder and Board Director. This transition was part of a meticulously planned six-month period.
December 3, 2024: General (Ret.) James “Jim” McConville was appointed as a Non-Executive Board Member.
September 11, 2023: Chris Emerson was appointed as Chairman of the Board.
6. Talent and Growth Indicators
Hiring Trends and Workforce
As of December 31, 2023, ALL.SPACE had 182 employees, representing a 28.0% increase from December 2022. Other data indicates 142 employees with an estimated annual revenue of $6.2 million, while another source states 179 employees as of 2024. A different report indicates 203 employees with a 16% decrease in employee count in the last year. The company is actively hiring for key roles as it scales up for manufacturing, operations, and global service delivery, suggesting a focus on talent acquisition to support its growth trajectory.
7. Social Media Presence and Engagement
Digital Footprint
ALL.SPACE maintains an active presence on professional networking sites such as LinkedIn and microblogging platforms like X (formerly Twitter). The company utilizes these platforms to disseminate news, product updates, and information regarding events. Its brand messaging consistently highlights its cutting-edge SATCOM terminals and their pivotal role in revolutionizing satellite data exchange for defense and government applications, emphasizing their multi-orbit and multi-network capabilities. ALL.SPACE encourages community engagement by inviting subscriptions for updates on company news and product developments.
8. Recognition and Awards
Industry Recognition
While specific industry awards and rankings are not detailed, ALL.SPACE is recognized as a leader in modern warfare communication. This acknowledgment stems from its significant strides in satellite technology over the last decade. The company's technology is field-proven with the US government and other NATO forces.
9. Competitive Analysis
Major Competitors
In the satellite communication terminal market, ALL.SPACE faces competition from several key entities.
Iridium Communications: A major player known for its global satellite constellation and dedicated communications services.
Frequentis: Involved in communication and information systems, including those for air traffic management and public safety.
Constelli: A company focusing on satellite ground equipment and solutions.
Other identified competitors or companies in related space technology areas include Velostrata and Thuraya Telecommunications. The broader space industry also features competition from key players in launch services and satellite internet, such as SpaceX, OneWeb, and Amazon's Project Kuiper, though these primarily focus on different segments of the value chain.
10. Market Analysis
Market Overview
The global space economy reached revenues of US$570 billion in 2023, reflecting a 7.4% increase over the previous year. Commercial revenues accounted for almost 80% of industry activity as of July 2024. Projections indicate that the global space economy could expand to as much as $2 trillion by 2040. This significant growth is fueled by advancements in propulsion systems, satellite miniaturization, declining launch costs, and reusable launch technology. The rapid commercialization of space is redefining human interaction with the "final frontier" and attracting diverse industries. Key opportunities are emerging in infrastructure development, satellite servicing, and resource extraction within the cislunar economy (spanning LEO to the moon). Artificial Intelligence (AI) and robotics are also playing increasing roles in asteroid mining, orbital maintenance, and lunar surface operations, all of which present opportunities and challenges for satellite communication providers.
11. Strategic Partnerships
ALL.SPACE engages in strategic collaborations to bolster its market position and innovation capacity.
Defense Partnerships: The company is a key defense partner in the AUKUS pact, collaborating with the UK Ministry of Defence and the US Department of Defense on advanced satellite communication systems. This includes partnerships with the US Army NGTT and the Rapid Capabilities Office of the Ministry of Defence.
Investment Partnerships: Funding rounds include investments from significant players such as Boeing HorizonX Ventures, Seraphim Space, Promus Ventures, and SES.
Trial and Development Collaborations: ALL.SPACE collaborates with SES Government Solutions (SES GS) and the U.S. Military through the Defense Experimentation Using Commercial Space Internet (DEUCSI) program for next-generation antenna trials, which have demonstrated multi-beam, over-the-air tests.
Industry Collaborations: There is also a partnership with Telesat Government Solutions for terminal collaboration for Lightspeed.
Agency Support: The company accelerates product evolution through an ARTES Competitiveness & Growth (C&G) development contract awarded by the European Space Agency.
12. Operational Insights
ALL.SPACE distinguishes itself through its "smart terminal" technology, which offers multi-link, multi-orbit, and multi-network communication capabilities from a single device. This comprehensive connectivity differentiates it from many competitors that often provide more limited solutions. The company's strategic focus on defense and government sectors as primary markets highlights its commitment to delivering high-security, resilient, and reliable communication essential for strategic operations.
A significant competitive advantage lies in its innovative optical beamforming technology, which provides cost-effective, low-power, and superior-performance solutions. The strategic shift from Isotropic Systems to ALL.SPACE, coupled with its emphasis on a "fifth-generation ground segment," underscores a deliberate move to position the company at the forefront of converged communications within the dynamically evolving satellite industry. Operational strengths include robust R&D capabilities, a strong defense sector foothold, and a modular product architecture enabling extensive customization.
13. Future Outlook
Strategic Roadmap
ALL.SPACE's strategic roadmap is centered on expanding its cutting-edge solutions globally, driven by the increasing demand for resilient and seamless connectivity, particularly across the defense and space industries. The company aims to accelerate growth and continuously enhance its multi-orbit satellite communications platform.
Growth Strategies: Opportunities for expansion lie in further commercializing its advanced terminal technology, especially the Hydra Terminal Range, for a broader range of clients across air, land, and sea applications.
Expansion Opportunities: ALL.SPACE is well-positioned to capitalize on the growing demand for secure and agile communication systems capable of addressing complex global threats and security challenges.
Future Challenges and Mitigation: The company's commitment to deep-tech innovation and strategic collaborations will enable it to adapt to future challenges and remain a leader in satellite communications. A core goal is to ensure continuous coverage and high bandwidth by seamlessly integrating satellite and ground-based networks.
