University of Bristol spinout secures £4.8m fund to support space research

By Nicky Godding

3 January 2024

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A University of Bristol spinout which provides patented lightweighting services across the aerospace, automotive and space industry has secured £4.8 million from the UK Space Agency.

Bristol-based iCOMAT, which is supported by the Natwest Accelerator programme, has been backed as part of a wider £50 million investment round designed to support the development of space research, manufacturing and testing facilities across the UK, create jobs and enhance the UK's offering of space capabilities and services.

iCOMAT has achieved remarkable progress since 2019. The company has grown to 22 employees and has secured direct contracts with major OEMs in the aerospace, automotive and space sectors.

Based in the South West of England, iCOMAT is in centre of Europe’s composite powerhouse, surrounded by world leading institutes and OEMs.

The company will use the funding to form a new local cluster of research and development and production facilities, creating new job opportunities, attracting talent to the region and increasing accessibility of materials to businesses in the market.

Once fully operational, the creation of the new facilities are anticipated to bring in an additional 60 roles to the region.

Rony Seamons, head of people operations at iCOMAT, said: "Through this investment, we enter an exciting new era for the business which brings an opportunity to grow our existing team.

"When fully operational, we expect to bring an additional 60 high-value roles to the company to help drive production, which will include multiple engineering and some highly specific composite roles.

"We have also made plans to engage with local learning providers to we can continue to provide exciting career paths for those leaving education in the region."

He added: "Being a part of NatWest’s Entrepreneur Accelerator Hub has been a key part of the growth of the business and for myself on a personal level as a former Accelerator Manager.

"It's provided us with mentoring support as well as access to a like-minded community of entrepreneurs who are always happy to offer advice and share learnings from their own experiences.

"We're looking forward to continuing our relationship with NatWest as we work together to expand the business and create high quality employment and investment opportunities in the region."

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.