Mercia Technologies PLC has invested £1.9million as part of a £3.1million syndicated round into University of Warwick spinout, Warwick Audio Technologies, the specialist developer of a new generation of planar audio transducers. This investment is alongside GuoGuang Electric Co (GGEC) and a number of sophisticated private investors.
Mercia originally supported Warwick Audio through its third party managed funds, before it became a direct investment 'Emerging Star' in December 2014. In total, Warwick Audio has received £4.3million of direct investment from Mercia and the Group now holds a 64.0% equity stake in the business.
Mike Grant, CEO of Warwick Audio said: "Warwick Audio has achieved a great deal in the last 18 months. We are delighted to have secured this new round of funding and in particular to have received investment from GGEC and several new investors. The amount raised exceeded our original funding target and represents a vote of confidence in both the team and the growth strategy we are pursuing, exploiting the new market opportunities we have identified, including in particular the automotive sector."
Mark Payton, CEO of Mercia Technologies PLC said: "Warwick Audio is making good progress in achieving commercial milestones. This latest round of investment coupled with the strengthening of the board last year through the appointment of Gary Waters, former Vice President and General Manager of BOSETM Corporation as a Non-executive Director, demonstrates the strong platform being built. The company has a robust pipeline of opportunities in a range of sectors and Mercia is confident that the Warwick Audio management team will deliver shareholder value over the medium term."
To read the full RNS announcement, click here.