Firm featured on BBC science programme
Display designer funded for push into North America
Pufferfish, the Edinburgh-based designer of spherical display systems which recently featured on a BBC science programme, has raised £600,000 for further product development and to expand into North America.
Par Equity in conjunction with the Scottish Investment Bank, 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 invested in this latest funding round.
The company will open an office in Canada for a sales push 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 Dar O’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 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.”
He said the firm would target sales to visitor attractions and museums, corporate businesses, event organisers and academia.
Paul Atkinson, co-founder of Par Equity, said: “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. It has appointed 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.
Paul Atkinson and Brian Creber, chief executive of B-Con Engineering, will sit on the board as investor directors.