Sofant Technologies secures £800K investment
Edinburgh-based Sofant Technologies Ltd has secured nearly £800K of new investment in an over-subscribed funding round from angel syndicates Kelvin Capital Ltd, Newable and Investing Women as well as Old College Capital and Scottish Investment Bank.
Sofant Technologies has developed ground-breaking technology that will be key in the introduction of 5G mobile data and satellite markets. Mobile data traffic is exploding with the rise of use of apps such as Snapchat, Instagram and Netflix etc. and network operator capacity is becoming limited. Millimeterwave (mmWave) spectrum is crucial for network expansion but currently antennas for mmWave equipment are expensive, power hungry and difficult to integrate. The company has highly patented low power, high performance RF MEMS based smart antenna technology and will use this new funding to commercialise this technology in a market forecast to exceed $2 billion by 2022.
Sofant has been led by CEO David Wither since the start of 2017, a serial entrepreneur with 20 years’ experience in the RF (radio frequency) and wireless industry with a track record of successfully growing and exiting technology companies.
This will put the company in a position to successfully launch a Series A funding round later in 2018 to finalise the commercialisation of its technology.
David Wither, Sofant’s CEO said, “We are very pleased to have received such strong support from our existing investors which will enable us to expand our investor base. The Sofant team now has the support it needs to take our leading edge technology to the next level”
Kerry Sharp, head of the Scottish Investment Bank commented, “This deal represents an exciting step forward in the evolution of Sofant. Scottish Enterprise has supported the company at each stage of its development from initial strategy and management planning back in 2012, to R&D grant provision, equity investment and ongoing account management support. We look forward to working with the company as it continues to work towards achieving its ambitious growth plans.”
Angus Hay, Director at Kelvin Capital said “We are delighted to continue to support our portfolio company, Sofant Technologies. The company continues along an exciting trajectory and we look forward to seeing what the team achieves in 2018.”
Jackie Waring, CEO of Investing Women said: “It was an easy decision to back Sofant as they are a great business at the forefront of developing cutting edge mobile technology. We are also highly impressed by the team, led by David Wither who has an incredible track record in the tech sector.”
(ENDS)
For further details, please contact:
Lynn Hall lynn.hall@kelvincapital.com 07397393700
About the Scottish Investment Bank
The Scottish Investment Bank (SIB) is the investment arm of Scotland’s main economic development agency, Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of co- investment funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF), and the Renewable Energy Investment Fund on behalf of the Scottish Government. SIB is also an investor in Epidarex Capital’s life sciences fund and is a participant in the Scottish European Growth Co-Investment Programme funded by the Scottish Growth Scheme alongside the European Investment Fund. SIB provides a team of Financial Readiness specialists to help companies prepare for new investment and access appropriate finance. SIB’s activities support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital.