Last checked at 12 May 2009 07:00
12 May 2009
Braveheart Investment Group plc
('Braveheart' or 'the Group')
Follow-on Investment in Elonics Limited
Braveheart (AIM: BRH), the technology commercialisation and investment management company, announces that it has made a follow on investment into Elonics Ltd. Investors in the £750k funding round included Braveheart and its clients, the Scottish Venture Fund and private investors Sir Tom Farmer and Brian Souter.
Founded in 2003 and based in Livingston, Elonics is the developer of DigitalTuneTM; a flexible radio tuner chip technology platform which can be easily configured to support worldwide industry standards for a wide number of consumer electronics applications. Initial applications include supporting digital TV and radio on both fixed and portable devices.
Early customer feedback for Elonics' first product, the E4000 radio frequency TV tuner, has been encouraging and first customer shipments are expected to be released later this year. The company recently opened an office in Taiwan to service the greater China region.
The market for flexible tuner chips used in mobile devices and home consumer electronics is predicted to grow rapidly over the next few years and Elonics' experienced team and expanding product range means it is well-placed to capitalise on this growth.
Commenting, Chief Executive of Braveheart, Geoffrey Thomson, said, "Elonics has a differentiating product in terms of cost, power and performance, and one which has real potential to satisfy market need. We are pleased to participate in this follow on round which will enable the company to further progress the E4000's journey to market."
David Srodsinski, Chief Executive of Elonics added "It is a privilege to have the continued support of our investors, particularly in the current environment. Their commitment reflects the strong position Elonics is now in to move forward and grow."
For further information please visit www.braveheart-ventures.co.uk and www.elonics.com or contact:
| Braveheart Investment Group | Tavistock Communications (for Braveheart) |
| Geoffrey Thomson, Chief Executive | Simon Hudson / James Midmer |
| Tel: 01738 587555 | Tel: 020 7920 3150 |
| gthomson@braveheart-ventures.co.uk | shudson@tavistock.co.uk |
| Elonics Limited | Seymour Pierce Limited |
| David Srodzinski, Chief Executive | (Nominated Advisers to Braveheart) |
| Tel: 01506 402360 | Richard Feigen/Catherine Leftley |
| david.srodzinski@elonics.com | Tel: 020 7107 8000 |
Notes to Editors
Braveheart
Braveheart Investment Group is a technology commercialisation and investment management company based in Perth, Scotland. Since its formation in 1997 it has made the transition from start-up angel syndicate to fully listed company. Braveheart's shares listed on AIM in March 2007.
Investments are made in young, emerging, unlisted companies where there is potential for significant growth through successful commercialisation of IP and Braveheart enjoys close relationships with several universities to identify emerging technologies. Investments are predominantly technology-focused; however the Group also maintains limited exposure to more traditional businesses.
Braveheart's diverse portfolio currently comprises over 30 companies and it has completed over 80 deals in its eleven year history, including six IPOs, three trade sales and eight write-offs and has an exit IRR of 33%.
At the 2008 Ernst & Young Entrepreneur of The Year Awards (Scotland) Braveheart CEO Geoffrey Thomson was given a special award recognising his contribution and support of emerging technology businesses in Scotland over the past decade.