Edinburgh-based Pufferfish completes £600k funding round
Pufferfish, which uses its spherical displays to create immersive solutions for a wide range of clients including Google, NASA, BBC, Fortum, Amazon Prime and Aramco, has exceeded its £600,000 target in the its latest funding round.
The Edinburgh tech firm will use the funding to expedite its growth plans in the market for interactive, multi-sensory and immersive spherical display experiences.
The bulk of the funding was secured from existing investors, including Scottish Enterprise and Par Equity, with additional funding coming from a small group of new private investors.
Elaine Van Der Berg, chief executive at Pufferfish, said: “We have a client list that reads like a who’s who of global brands, with the majority of the top ten biggest companies in the world utilising our innovative range of market leading products and services.
“We now have the investment needed to capitalise on new opportunities and transform our increasing momentum into scale.”
As the COVID-19 pandemic lessens, and with events returning with renewed energy, the growing market presents significant opportunities for Pufferfish. The current climate allows the company to target the market with its technology, to deliver engaging experiences combining sound, vision, data and touch. Users are put at the centre of a digital experience, rather than just being an observer. The technology can also integrate with other tech systems to translate complicated data into powerful immersive experiences.
The company is in the process of launching upgraded versions of two of its core products, PufferSphereTM and PufferTouchTM, which feature even sharper images and more powerful touch functionality, as well as three completely new products to be launched this year.
Ms Van Der Berg continued: “The new products will go ‘deeper’ than we’ve ever seen before in terms of driving interaction and engagement. They will provide an unparalleled and more personal one-to-one experience for users, offer a greater ‘wow’ factor through size and scale, and allow users to step into another world created by immersive technology.
“We have the latest funding now secured and the beginnings of a new leadership team at the helm. With advances in technology fuelling the demand for multi-sensory, immersive, audio-visual experiences across a range of sectors, from art and entertainment to science and education, Pufferfish is primed and ready to continue to bolster its position as the market-leading end-to-end provider of spherical interactive displays and services.”
Andrew Castell, partner at Par Equity, commented: “Pufferfish endured first the COVID pandemic, which hit its core markets very hard, and then the ensuing disruption to global supply chains.
“That it has survived is a testament to its people, the strong appeal that its products have to its blue-chip customer base and to some very hard work from the new executive team. With the support of its investors, the company can now face the future with confidence.”
Kerry Sharp, director of entrepreneurship and investment at Scottish Enterprise, said: “It’s great to see Pufferfish emerging better than ever following the pandemic.
“They’re on track for strong growth and our investment will help support the new management team as they exploit additional market opportunities and bring their technology to clients across the world – including some exciting new products in the pipeline.”