Edinburgh-based Ingenious Audio secures six-figure sum to expand operations
Edinburgh-based Ingenious Audio has secured a six-figure funding package, with support from existing backers Kelvin Capital and Scottish Enterprise, to expand its operations into being a technology platform provider as well as a product company.
The company’s patented Wi-Fi Audio technology, known as Fi-Live, offers “better than Bluetooth” audio over Wi-Fi, promising higher-quality, longer-range and much faster transmission, all while connecting to the standard Wi-Fi systems in PCs, tablets and phones.
The technology is particularly ideal for live music applications like the guitar or microphone, time-sensitive systems like TV, speakers and gaming headphones, and performance applications like VR, Hi-Fi speakers or headphones.
Steve McMahon, who has more than 30 years’ experience in leading sales, marketing and product management activities in a wide variety of high-tech companies around the world, has joined the Ingenious Audio team to help lead the commercialisation of Fi-Live. He was recently instrumental in a trade sale of Scottish technology company Optoscribe to Intel.
John Crawford, Ingenious Audio’s chief executive, said: “Steve brings the skillset and first-hand experience of generating demand in a very targeted manner which is critical to advance Fi-Live as we expand from being a product focused company in one niche to a broad technology provider.”
Mr McMahon added: “In applications utilising mobile phones, the removal of headphone and power connectors has made it increasingly difficult for musicians and other users to interact with these massively powerful and convenient devices.
“Moreover the developments in the next generation of Wi-Fi bring extensive data capabilities over huge physical areas facilitating future applications for real-time audio streaming in a range of sectors including music, entertainment and communications.”
John McNicol of Kelvin Capital said: “We are delighted to continue to support Ingenious Audio with both the funding and the introduction to industry expert Steve McMahon.
“This is a truly exciting time for the company as they work towards expanding the business in to both a technology provider and a product company.”
The Glasgow-based investment syndicate closed the first half of 2023 having concluded record investment of £7.8 million into its portfolio of Scottish technology companies.
The new funding will allow Ingenious to secure new licensing partners and look at applying the core Fi-Live technology to new applications in wireless TV speakers, gaming and VR.