Sofant Technologies secures investment of £500k to target the wireless technology market

With a market forecasted to be worth in excess of $1 billion in 2021 the funding will be used in part, to match a £1.5million grant from the EU.  The grant is intended to assist SME's in taking their technology to market. The company offers smart antenna technology which dramatically reduces power consumption and the cost of producing and operating 5G wireless equipment while improving performance, simplifying design and reducing power consumption.  Sofant Technologies works by a highly integrated "turn-key" solution which will be engineered to help its customers bring highly complex 5G products to market more quickly.

David Wither, CEO of Sofant Technologies said:  "This investment will allow us to further develop our promising technology for next generation 5G wireless applications.  The company plans to use the proceeds to develop prototypes of its technology for customers who are active in the development of wireless devices for the 5G market"

Based in Edinburgh, Sofant Technologies currently employs seven staff and following this round of funding plan to transfer the company's proprietary RF MEMs process to a high volume commercial foundry.  This is to mitigate the risk involved in scaling the technology into volume production.

The company was launched in 2011 to reduce the cost and complexity of leading edge RF-system design. Working with Original Equipment Manufacturers (OEMs), who are developing wireless devices for the 5G market, Sofant Technologies will help customers by using a combination of patented RF MEMs technology, antenna design and software algorithms; Sofant's smart antenna™ technology is positioned to revolutionise future wireless systems.

Angus Hay, Director of Kelvin Capital said: "Mobile data usage is skyrocketing with the likes of WhatsApp, Snap Chat and Netflix and networks are looking for ways to meet the demand.  A new generation of low cost, high performance radio and antenna systems are needed to address these challenges and that is what Sofant is on track to do."

Kerry Sharp, Head of the Scottish Investment Bank said “We are pleased to be able to support Sofant with further investment which will allow the company to continue the commercialisation journey for its innovative technology which has global market potential. Through our High Growth Ventures Unit, we have worked with the business from very early in their development and it is great to see it continue to attract investment and secure a European Horizon 2020 grant.”      

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NOTES TO EDITOR:

 For more information contact: Lynn Hall 07397393700 lynn.hall@kelvincapital.com

About Sofant Technologies
Sofant Technologies is an innovative technology company based in Edinburgh and is led by David Wither, CEO to help customers in the wireless technology market to using a combination of patented RF MEMs technology, antenna design and software algorithms; Sofant's smart antenna™ technology is positioned to revolutionise future wireless systems.

About 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). SIB also manages the Renewable Energy Investment Fund and the Scottish Recycling Fund. SIB is the cornerstone investor in the privately-managed Scottish Loan Fund, managed by Maven Capital Partners and an investor in Epidarex Capital’s life sciences fund. These investment funds support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital. SIB also provides a team of financial readiness specialists to help companies prepare for new investment and access appropriate finance.

www.scottish-enterprise.com