Product category:
Antennas and Feeders
News Release from: Sarantel
Edited by the Electronicstalk Editorial
Team on 13 February 2003
Antenna pioneer raises GBP 3.5 million
funding
Sarantel has raised GBP 3.5 million in a first closing in a new round of investment led by two of the UK's leading hi-tech venture capital investors.
Sarantel has raised GBP 3.5 million in a first closing in a new round of investment led by two of the UK's leading hi-tech venture capital investors, MTI Partners and VCF Partners, and supported by eTechnology VCT The funding, which follows a $14 million mobile handset contract win in November, will be used for marketing and to introduce the company's 3G mobile designs
This article was originally published on Electronicstalk on 27 Jun 2001 at 8.00am (UK)
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Consumers are already buying Sarantel-based products, such as an accessory which clips in to a PDA, transforming it into a GPS-driven navigation system.
Sarantel's high efficiency and low interference qualities could be critical to making 3G handsets work better and their batteries last longer.
Even PC makers are starting to recognise that a high performance antenna can offer wireless-LAN and Bluetooth users more reliable communications.
Sarantel CEO Barrie Foley said: "The first closing of this crucial funding and our recent major contract demonstrates that in a tough market both investors and users are convinced by our technology.
Demand for our products in the US, Asia and Europe is taking off rapidly and more than 1000 electronic device makers worldwide are interested in our products".
Matt Taylor of VCF Partners adds: "In a chilly market for technology investing Sarantel has done very well to bring two new VC investors on board.
For me, a product which makes wireless devices work better and cuts radiation to the user is a winner.
Sarantel's products are already selling well and in markets which are very big and growing; that adds up to an attractive proposition for investors".
David Ward of MTI Partners said: "The sophistication of Sarantel's technology will have a lasting impact on mobile phone use.
We are keen to support innovative devices of this type, which combine clever technology with an identified and receptive market.
With the benefit of the experience of a number of economic cycles, MTI continues to be at the forefront of supporting UK based technology businesses, as it moves into its third decade of investments".
Graham Woolfman, a Director of eTechnology, who is joining the board of Sarantel said: "We are very pleased to have participated in this financing syndicate, supporting an experienced management team with outstanding proprietary technologies.
We are excited by opportunities in the wireless communications sector, where we have developed specialist investment focus, and believe that this investment is complimentary to our portfolio".
VCF was an original investor, alongside 3i, in 2000, and ran the current fund raising from new investors.
It has also been closely involved in setting the company's strategy and keeping the management team focused on making it happen.
Before the current funding round Sarantel had raised GBP 8 million, including GBP 5.5 million from 3i and GBP 2.5 million from VCF, who bought out 3i in September 2002.
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