EMV Capital has led a £3.4 million investment round into its portfolio company Sofant Technologies, a wireless technology company developing next generation phased-array antenna platforms.
The fundraising was syndicated from EMV’s cohort of private EIS investors and joined by Kelvin Capital and Scottish Enterprise.
The company is now set to execute its go-to-market strategy, using funds from this investment round to deliver satellite terminals to SatCom operators and their clients in aerospace, defence and security and civilian applications.
Sofant has made significant product commercialisation progress, including development contracts with Inmarsat (now part of Viasat), the European Space Agency and a global defence company.
Sofant’s proprietary technology enables operators to enhance their network capabilities and expand service offerings for both commercial and government applications. The company’s proprietary RF MEMS technology facilitates the development of a highly efficient radio platform that directly addresses the most difficult size, weight and power consumption challenges facing future wireless communication systems.
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“We are pleased with the success of this fundraising for Sofant that comes at a critical value inflection point for the company,” said Dr Ilian Iliev, MD of EMV Capital and a Sofant board member.
“In line with our capital-light investment strategy, we worked with management and our co-investors to develop the right funding structure for the company as it accelerates development.
“It is pleasing to see a UK-born semiconductor company make an impact on the global stage as a key enabler for future wireless networks with a growing number of commercial and government applications. We look forward to continuing our important work with the company.”
David Wither, CEO of Sofant, commented: “We continue to see strong and increasing interest in our target markets from both customers and prospective new investors. Sofant will use the proceeds from this investment round to deliver fully integrated SatCom terminals to our lead customers for network trials before the end of this year.
“This milestone represents a key value inflection point and the culmination of many years of development work. We thank EMV Capital and all our investors for their continued support.
“We look forward to a transformational year, and anticipate the launch of our first SatCom terminal which promises to transform the SatCom industry.”