Investment syndicates provides £800,000 for Edinburgh tech firm
Edinburgh-based Sofant Technologies Ltd has secured nearly £800,000 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.
The company has produced highly patented low power, high performance RF MEMS based smart antenna technology and will use its new funding to commercialise this technology in a market forecast to exceed $2 billion by 2022.
The technology can be used to address the challenges of network expansion that is currently for hampered by antennas for Millimeterwave (mmWave) equipment that are expensive, power hungry and difficult to integrate.
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.
Mr Wither 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 said: “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 added: “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.”