Edinburgh-based Sofant Technologies has gained £740,000 in an oversubscribed funding round led by EMV Capital.
5G and satellite antenna developer Sofant has built on last year’s £2.3m pre-series A round. Participation in the round included key existing investors, such as Kelvin Capital and the Scottish Investment Bank.
The company says it intends to use the money to expand its team as it accelerates its system integration with satellite network operators.
Since the 2020 investment round, Sofant has gained support from global manufacturers and development partners. Additionally, the firm has recently hired a CFO to support the scale-up of commercial activities within the business.
Commenting on the news, Sofant Technologies CEO David Wither said: “Our engineering team continues to make significant progress on the development of our core technology platform.
“We have also made great progress in the development of an ecosystem of corporate partners who will play key roles in the commercialization of Sofant’s disruptive, low power antenna technology.
“This top-up investment will help the company finalize several initiatives ahead of our upcoming series A funding round.”
Sofant’s radio technology platform provides the UK and Europe with a solution to several major challenges facing wireless communication systems. The firm’s technology reduces the power consumption of electronically scanned antenna arrays by more than 70%, with production and maintenance costs.
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The firm is currently benefitting from a global wave of investment to upgrade broadband satellite communication systems and says it expects to benefit from the rollout of high band 5G networks across the UK and the rest of the world.
Amongst Sofant’s development programmes are prototype antenna arrays funded by the European Space Agency.
Dr Ilian Iliev, Managing Director of EMV Capital also commented: “Since our initial investment, we have seen the Sofant team make rapid progress in this strategically vital technology for the UK’s telecoms sector.
“In the aftermath of Covid-19, supply chain consolidation and strategic reliability have become a key priority for Western governments. Sofant is well-positioned to provide this homegrown, reliable partner in building safe, reliable and fast connectivity systems.”