Pufferfish targets North American market after £600,000 funding round

Edinburgh-based planar display systems maker Pufferfish has closed a new round of funding in conjunction with the Scottish Investment Bank.

The successful drive will see around £600,000 invested in further product development and in targeting increased penetration of markets in the USA and Canada.

Par Equity, in conjunction with the investment arm of Scottish Enterprise, B-Con Engineering an optical systems manufacturing company based in Ontario, Canada, and the company’s management team have all invested in the latest funding round.

Interactive PufferSphere.
Interactive PufferSphere.

The company is to set up an office in Canada to provide a base for increasing sales into North America.

It is also investing in further development of its range of interactive spheres, which were featured earlier this year on the BBC’s Stargazing Live, presented by Dara Ó Briain and Professor Brian Cox.

Geoff Kell, Pufferfish managing director, said: “We have just recorded our strongest quarter financially and backed by the boost of the additional funding, the time is right to up our game in the USA and Canada. We already export 80% of our spheres and while we are actively looking at developing opportunities in a number of overseas markets, we feel North America represents the best growth opportunities in the short to medium term. This will be aided by the fact that our new investor is based there and is already actively engaged in the market for non-planar displays.

“Our focus will be on increasing sales to our principal target markets, particularly those using our smaller interactive spheres, including visitor attractions and museums, corporate businesses, event organisers and academia including geoscience schools, computing and informatics departments, which are attracted by the refined data visualisation we are now providing.”

Paul Atkinson, co-founder of Par Equity, added: “Par Equity is delighted to support the Pufferfish team at such an important stage in the company’s development. They have great products with global market potential, as well as a key partner to further develop their market potential in North America.”

The investment comes as Pufferfish makes a number of changes to its board. In comes renowned company growth and development specialist Alan Faichney as Chairman, replacing long-standing Chairman Iain Mackay who remains on the board as a non-executive director.

Both Paul Atkinson and Brian Creber, CEO of B-Con Engineering will sit on the board as investor directors.

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