British space surveillance company Spaceflux has raised £5.4 million (US$9.80 million) to enhance its global network of advanced telescopes.

The funding round was led by the UK Innovation & Science Seed Fund (UKI2S), managed by Future Planet Capital, with additional contributions from Foresight Group, Blackfinch Ventures, and Seraphim Space.

Founded three years ago, Spaceflux focuses on space situational awareness through AI and optical sensors.

Its technology tracks satellites and space debris across all orbits, including during daylight hours.

The demand for the company’s services is increasing as concerns rise about the economic impact of satellite disruptions.

A recent report suggests that a week-long interruption to satellite navigation could result in a £7.6 billion (US$9.80 million) loss to the UK economy.