LONDON (Alliance News) - Braveheart Investment Group PLC on Monday said it has invested GBP150,000 in one of its existing portfolio companies Paraytec Ltd, as part of a follow-on funding round.
Paraytec manufacturers and develops scientific instruments, primarily ultraviolet imaging detectors.
Braveheart said Paraytec raised a total of GBP250,000 in the funding round, and noted that Paraytec has also undertaken a reorganisation of its equity capital and loan notes, which Braveheart said has strengthened the balance sheet and released additional resources for business development.
Following the completion of these changes, Braveheart will hold a 33% stake in Paraytec and has the right to appoint a director to Paraytec's board, it said.
"Through management of the Viking Fund portfolio, we have worked with Paraytec for some years. This latest round of investment comes at a very exciting time for Paraytec as it completes its transition from a research and development focused company into one that generates significant revenues through the licensing of its technology and the introduction into the commercial marketplace of its disruptive technology," said Chief Executive Trevor Brown.
Shares in Braveheart were untraded on Monday, having last traded at 6.50 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Braveheart Inv (BRH)