Three companies receive £2 million
Google approved firm shares angel funding
A Scottish technology company which has developed a camera approved by Google for its Street View is one of three to receive business angel backing.
Archangels, and the Scottish Investment Bank (SIB) have supported the trio of firms with £2 million of support.
Among them is Edinburgh-based NCTech which recently launched iris360, a spherical camera which is one of only two currently available that can publish to Street View with the Google Street View app.
The firm will invest £750,000 of the new funding to further develop the technology.
NCTech chief executive, Cameron Ure, said: “This funding will enable us to fulfil the order book for our camera, which we launched in September and are now starting to ship. Archangels and SIB have been excellent shareholders for NCTech. There have been challenges along the way and they have been very supportive.”
Ateeda, also based in Edinburgh, helps microchip companies reduce their costs, as the complexity of their products increases. Its £600,000 of further investment will be used to bring its next generation, high precision semiconductor test module, “generATE”, to market.
David Hamilton, chief executive, said: “We launched our new product, generATE, at the industry’s largest tradeshow and it has already attracted significant interest from blue chip companies across the sector.’
Zonefox, based in Edinburgh’s Old Town, helps its customers protect their business critical data and intellectual property from malicious or accidental breach from insiders by providing next generation data monitoring, security analytics and endpoint security. The company will use its £650,000 of funding, supplemented by Borders-based angel investor TRI Cap, to scale its operations as it targets profitability in 2016.
Jamie Graves, chief executive, said: “We have successfully rolled out our product to a number of key customers and this funding will allow us to scale our operations as we seek to achieve our high growth revenue goals. Our shareholders have been very supportive. They get where we are and the different stages we have been through and they have backed us all the way.”
David Ovens (pictured right), chief operating officer at Archangels, said: “Archangels’ philosophy has always been about supporting entrepreneurs to succeed. Alongside our financial investment in companies we provide mentoring and advice, enabling management to focus on achieving their business goals. These companies are excellent examples of that strategy in action.”
Kerry Sharp, Head of Scottish Investment Bank, said: “Scottish Enterprise is pleased to be able to continue to invest alongside Archangels in these three promising companies. We look forward to continuing this partnership, and working directly with these companies to help them achieve their growth ambitions.”