Leading wireless technology provider CSignum has completed a £6m Series A funding round to accelerate the growth of its EM-2 family of products.
The Bathgate-based firm will also use the investment to grow its engineering team, advance its product portfolio and increase its global presence, as it looks to address the growing demand for reliable, real-time data transmission for underwater and underground applications.
The company’s EM-2 solutions are capable of reliably transmitting data, via patented electromagnetic field signalling (EMFS), through environments including water, ice, soil, rock and concrete to networks above the surface – an ability no other wireless method has successfully achieved to date.
The funding round was led by Archangels, Par Equity and Scottish Enterprise with additional investment from British Business Investment (BBI), Raptor Group, Deep Future, SeaAhead’s Blue Angel Network, and notable individual US investors.
CSignum is working with customers in the UK, EU and US markets as it looks to address growing environmental regulatory requirements.
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“This investment reflects the growing recognition of the critical need for innovative communication solutions in the underwater IoT sector,” said Jonathan Reeves, CEO at CSignum.
“The support from our investors will allow us to scale our operations, enhance our product offerings and help industries worldwide manage their resources more effectively. We are grateful for their trust and excited to shape the future of underwater communication.”
Dan McKiddie, investment manager at Archangels, added: “CSignum has developed a truly unique technological breakthrough which could be a game-changer for those industries reliant on securing reliable data from their underwater operations.
“We’re looking forward to supporting the management team in their efforts to scale the business and disrupt the global market for underwater communication.”