5G and satellite tv for pc ‘Good Antenna’ Designer Sofant Applied sciences Raises
Smart Antenna designer Sofant Technologies has closed another £ 740,000 fundraiser in an oversubscribed round of funding led by venture capital investor EMV Capital.
The fundraiser builds on the £ 2.3m pre-Series A round for the Edinburgh-based developer of 5G and satellite communications antennas. Key existing investors attended the round, including Kelvin Capital and the Scottish Investment Bank.
Due to strong developments over the course of the year, the financing round includes a price increase per share of 40% in less than a year since the last investment round in July 2020.
Sofant is expected to benefit from the rollout of 5G across the UK. The new funding is intended to expand the commercial team as the company accelerates systems integration with satellite network operators and other end users.
Sofant is the UK’s leading supplier of high frequency microelectromechanical systems (RF MEMS) antennas for satellite and 5G telecommunications systems. The proprietary, highly efficient, patented wireless technology platform provides the UK and Europe with a native, industry-leading technology solution to several major challenges faced by wireless communication systems.
In satellite communication and 5G, the technology reduces the power consumption of electronically scanned antenna arrays by more than 70% and lowers production and maintenance costs compared to other new solutions.
Since the 2020 investment round, Sofant has developed growing recognition in the industry with the support of global manufacturers and application-specific development partners. Sofant has also hired a new CFO to help expand commercial activities within the company.
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Sofant’s development programs include prototype antenna arrays funded by the European Space Agency and the European Commission.
EMV Capital is a venture capital investor focused on B2B companies in the healthcare, sustainability and industrial sectors. EMVC’s investments in the UK, Israel and the US cover a range of technologies including robotics and AI, machine learning, materials science, IoT, advanced engineering, power electronics and health technology.
David Wither, CEO of Sofant, said, “This top-up investment is an integral part of preparing for our Series A funding round.
“Our engineering team has made significant progress in developing our core technology platform. We have also built an ecosystem of corporate partners who will play a key role in commercializing Sofant’s disruptive low power antenna technology. “
Dr. Ilian Iliev, Managing Director of EMV Capital, commented: “Since our first investment, the Sofant team has made rapid progress in this strategically important technology for the UK telecommunications sector.”
“After COVID-19, supply chain consolidation and strategic reliability have become a key priority for Western governments. Sofant is well positioned to provide this indigenous, dependable partner in building secure, reliable and fast connectivity systems. “
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