 Thank you very much, Ian. Good to meet you all. I'm joining you from London right now where Seraphim is headquartered. So my name is Maureen Havarty. I'm a VP on the investment team at Seraphim. We're a space specialist Venture Capital Fund. We're publicly listed on the London Stock Exchange and we have about $250 million assets under management. So even though we're based in the UK, we actually invest globally. We have no geographic restrictions. We invest from seed up to pre-IPO. About 40% of our investments are in the US. We have really foreign Israel. We have Japanese investments, Indian investments, Latin European investments. So we feel that we really get to see the entire global space landscape. Some of our portfolio companies that you might be familiar with are ISI, Georbit and Astroscale. So my background, I was a Chief Operating Officer of the Paul Fusion, which was an electrical propulsion space startup located in the Bay Area. We had a great exit. We were required for $145 million by Astra, the rocket launch company, and then I joined them in corporate development. So I'm coming from the space industry. I'm familiar with a lot of the challenges and I've developed some of my favorite pet topics and key areas that I'm interested in space. And thank you very much for having me. So what I want to do today is talk about the broad investment landscape for space and then maybe drill into a little bit into how that ties into space sustainability. So I think everyone here is going to be familiar with Silicon Valley Bank, where VC investors really reveal themselves to be followers of market trends and they're really looking for the next new market to drive returns and maybe given to a group think. So I think you will all be familiar as you are with space, with all of these space trends. But I think what's interesting to look at is what are VC seeing and why are venture capitalists suddenly really interested in space. And when I say suddenly really interested, obviously that's really since about 2018, and that trend really took off in 2021 with some enormous valuations, the DSPAC movement, and just really large rounds. So I'm not going to say peaked because we think that hopefully, space investing will return, but it certainly was the peak so far. So why are what are VC seeing one of the trends of VCs typically look for that are driving them to be interested in space. Well, first of all, we think it's a market that's being disrupted. Obviously, with the advent of SpaceX, but with lots of new space players, it's the move of the government away from funding and working on its own missions to actually buying services from commercial providers. We think that that disruptive atmosphere can generate new market leaders. So that's one of the disruptive factors. The second thing is the huge reduction in the cost of accessing space. That's with launch, but also with the frequency of launch, allowing companies to build cheaper satellites using automotive parts and, you know, launch more frequent improvements and iterations. And across many markets, this kind of market and turmoil market being disruptive, and this radical reduction in cost. These are things that VCs tend to look for as indicators that this is now a market that can drive large returns. The second thing that VCs look for is when they're trying to work out what's going to drive large returns is is the market large enough and to be frank, until quite recently they brought the market probably was not large enough in space to drive venture returns. It really probably isn't only the last five years that's happened. And in particular, I think VCs were extremely shy about investing in things that service the space market itself because that really felt that that was way too small. But now we're on the exponential curve for a number of satellites in space. And what that means is that it's starting to feel like the market is growing large enough to actually drive real returns and ultimately returns are driven by revenue. So it's starting to feel like the market can drive large enough revenues to actually support VC style returns, which for reference, that's totally dependent on the stage that you invest in. But in general, if you invest at seed stage, you're looking for a 50 to 100 X return as risks decrease over time as companies start to generate revenue, then your return expectations drop off to maybe three to five X and much later stage investor. So I think three things that I want to point out here. So what we're on this exponential curve. I just want to really as someone who's calling from the space industry. And you know who joined the space industry in 2017 when the startup I was at pivoted how much the space industry has changed and how I felt to change around me and I'm sure you felt the same thing. I honestly feel that as a VC, I often have to look back and go actually that that first launch that was incredibly recent. I remember that launch. So here are three, you know, three things that almost everyone in the room will remember. And I think thinking about how recent that was and how big the changes have been is pretty astounding. You'll you'll all remember the first Starlink launch in 2018. That was five years ago. And most people think didn't think those would be successful. I think most people thought that the concept of a multi thousand satellite constellation ever was not credible and you know SpaceX proved is all wrong. So obviously we're now in five years later, we've got multi thousand satellite constellations. Obviously that's Starlink, but actually a lot of the other constellations are looking very credible as well. You've obviously got Kuiper. You've got one web just to name two that are extremely credible large constellations. Planet launched their first doves in 2013, which were, you know, cheap CubeSats and now they're generating probably over $200 million in revenue this year and are an extremely credible supplier to the US government. So I think that's an astounding change. You don't think people thought that would happen either. And I think potentially most interestingly, I remember how difficult it was to fill the first transporter mission that launched in January 2021. I believe it took about 18 months to fill out that full, full launch vehicle. And now SpaceX is launching at least quarterly with those transporter missions and they're booked and they're booked out sometime in advance. So I think we had the drivers in the last site as, you know, VC's thought this is a market that's going to change. It's going to change rapidly. And I mean, it's clearly very true. We all remember the events that reflect the fact that it has changed. So why do we think it's changing? What do we think the key drivers of this, you know, potentially multi trillion dollar market are going to be? We've got ubiquitous communications. We have new novel data sets. But I think really it's the new opportunities that are going to be opened up by the falling cost of launch, whether that's Starship or any of the other new large vehicles coming online that can really drive the cost of launch down and that would open up entire sectors that didn't exist before. So I have painted an extremely positive picture up until this point. And let's be honest, it's been a very challenging 2022 and even early 2023 for many startup founders who've been doing great work in a very challenging fundraising environment. So really, we look in our quarterly space index and they're available online for anyone to read. We look back on a quarterly basis. We look at trailing 12 months. And yes, there's a huge drop off 40% decrease in the Q1 2023 from Q1 2022. To be fair, the period that Q 2022 was looking back at was a bumper year. We would consider, you know, 2021 to be just an exceptional year, not necessarily that 2022 and 2023 are terrible years. So we have seen that large decrease. It's not much larger than other industries. In fact, by many measures, it's smaller. Interestingly, we're starting to see a rebound. So Q4 of last year was was pretty terrible. One of the worst quarters we've had in quite some time, but there has been a rebound. That's been driven by European investment for the first time European investment overtook the US, which is, you know, it's never happened before Europe has always lied, especially at the growth stage, but actually European growth investing has really taken off. What we're still doing for the US, which continues to fall, maybe not. To be fair, the majority of capital invested in the US is in these mega rounds, you know, a billion dollar plus rounds, that's simple maths, you know, 500 seed rounds to replace one mega round. So if you need to deploy a large amount of capital has to be in these huge rounds, and we haven't had any of those huge rounds really so that's why the US is low at the other stages, it's actually doing pretty okay. I'm going to quickly move on to talk about our in space economy ecosystem map and why I think that's relevant for space sustainability. Personally, I think one of the key drivers for space sustainability is going to be getting the most out of the satellites that you're launching. If you can get more out of any individual satellite, you'll naturally have to launch fewer satellites and I think that's a really effective way to be sustainable to essentially use your resources more. I spoke about cheaper satellites earlier using better tech. In reality, what's happening is that actually the quality of satellites is starting to improve again, slightly more expensive satellites as companies start to focus on revenue growth. So they're not going back to the $100 million satellites. They're really two to $5 million satellites, but then you can really maximize revenue out of them. And that's why this sector here in space services is exceptionally interesting. This is a sector that probably, you know, VCs couldn't exist. Five years ago, it's sectors that just focus on servicing satellites and constellations in space and having to get the most out of them. So how do these companies help space sustainability and how they help? Importantly, constellations drive revenue, which I think is going to be a real driver of sustainability for them. Overall, togs make sure that you're not missing any coverage gaps, which can be a real revenue loss. So they help you get into the right orbit. You've got refueling, which we think is going to be a key driver for high mobility satellites and allowing satellites to be repositioned. So if satellite can work, it'd be used. We've got space situational awareness, which obviously is like, how do I get out of the way of other satellites? What are the potential satellites that are going to interact with me? And then finally, really importantly, in space communications. So these are any kind of companies that are helping you maximize your data down to Earth. You're not wasting any data you can do in orbit processing, all of which means that you can maximize the revenue from any one satellite. So I think that's a particularly interesting area. And then lastly, what's been the... So this is a reasonably nascent sector. The last really important sector and that one that I think is going to drive the entire space industry is product. So that's anyone who's making a product, a software product, an app, something related to climate often using the space data. And that's really good for satellite providers and satellite constellation owners because that drives consumer demand for their services, for their data, because products really delivers space data to customers that don't even know they're using space data. And that's been something that we've really seen in 2022 and 23. We've been waiting for those products to be developed and really they have come online and that's been very much driven by climate because we know that with space. It allows you to be both global and local at the same time. And that's what those products are leveraging. So I hope this gave you a little whistle-stop tour of space, space landscape and investing. Definitely it's down but there starts signs of recovery already in Europe and we hope that that will be followed soon in the US. And thank you very much for having me. I really appreciate the invitation Secure World Foundation.