VWV advise Astral Systems on one of the largest deep-tech Series A raises outside of London
We are very pleased to have advised Astral Systems on the first close of its £23M Series A round; one of the largest hard tech, deep tech Series A raises outside London.
Astral Neutronics t/a Astral Systems was founded by Talmon Firestone and Dr Tom Wallace-Smith in May 2021. In 2024, the VWV team supported Astral with its £4.5m seed investment round and we have continued to support the team on a broad range of legal matters, including an investment readiness exercise ahead of the Series A round.
As with the seed investment deal, the VWV Deal team has been led by Partner and Head of Digital & Technology, Nathan Guest, assisted by Senior Associate, Sonya May, and supported by a significant team of specialist IP, technology, employment, data protection and commercial property lawyers. The Deal team worked closely with the Astral management team in preparing for, and in the negotiation of, this significant Series A investment, which will accelerate the commercial rollout of its breakthrough multi state fusion technology and help secure the future supply of critical medical isotopes.
This milestone round was backed by Mercia Ventures, Tees River, Daphni, Blast Club, Speedinvest and Playfair Capital amongst others, and positions Astral Systems as one of Europe’s most exciting fusion pioneers, with near term applications that could transform modern medicine.
The funding will enable Astral Systems to:
- Bring its first medical isotopes to market in 2027
- Scale production of its compact MSF reactors
- Expand its team and operations, including its new facility at the former Berkeley Power Station.
Nathan Guest, Corporate Partner at VWV and Head of Digital & Technology, said:
"The best part of working with deep-tech companies like Astral is that you know the technology has the potential to change the world for the better. From the first moment we met Talmon and Tom we appreciated the extraordinary potential that the business has to supercharge developments in cancer diagnosis and treatment, to accelerate fusion research, and to develop the technology for application in other commercial markets. This investment will provide Astral with significant funds to do just that, and we are delighted to have been involved. Many congratulations to Talmon Firestone, Dr Tom Wallace Smith and the entire Astral Systems team on this landmark achievement.
We’re delighted to have supported you on the journey so far and we look forward to working with you over the coming months and years on this next and very exciting phase of growth. Congratulations also to the syndicate of investors who have committed significant funds in support of Astral's plans - it was a pleasure working with you and your adviser teams"
Talmon Firestone (CEO), Dr Tom Wallace-Smith (CTO) and David English (General Counsel) said:
"We had a deal to complete, which was extremely challenging, being composed of a high number of institutional investors. Nathan Guest and Sonya May - already having a relationship of trust with us from prior work - very ably and personably helped us navigate to a most successful completion with consistent, and considerably, nuanced advice. In doing so, they and their team went about their work exhibiting many valuable attributes, including regularly going above and beyond in the client’s best interests.
Nathan and Sonya showed excellent cutting edge market knowledge, rare and valuable commercial appreciation in delicately balancing the compromises that came between their technical legal advice and our situation's practical realities, a very productive ability for fair challenge in both directions, and, indispensably, a market leading and mature set of core legal skills as good as the best nationwide (on which we are we are well placed to assess). All aided by two further factors. Plenty of boots on the ground from VWV that sped matters along and eased some large burdens off us at critical times. As well as, importantly, the indefinable supreme value add arising from the practiced and extremely well-oiled teamwork between Nathan and Sonya that can only come from highly experienced practitioners who have worked together for many years in a constructively high trust environment.
These comments are not over effusive, merely accurate and considered observations from a client highly experienced with legal services, as well as representing an appreciation of Nathan, Sonya, and the VWV team meeting their highly professional standards in a way worthy of recognition. On this basis, we are grateful for their assistance, continue to get Nathan and Sonya’s wider assistance, and have already strongly recommended them to other companies."
