Sign In
12 May 2008 07:00
Embargoed Release: 07:00hrs Monday 12 May 2008
Nanoscience Inc. (`Nanoscience' or the `Group') US$4.75 million fundraising for Future Waves
Nanoscience, the specialist niche investor in emerging technologies with strong commercial propositions for the healthcare and electronic sectors, is pleased to announce that its investee company Future Waves Pte. Limited (`Future Waves'), a fabless manufacturer of specialist chips for digital broadcasting markets, has completed a US$4.75 million funding exercise for the purpose of further expansion and development of the business. Post-funding, Nanoscience remains the second largest shareholder with an 18% interest. Subscription for the entire fundraising was satisfied by existing shareholders and the total funds raised by Future Waves since early 2007 has reached US$15 million.
Future Waves' strategy is to build a substantial presence in the expanding mobile TV sector with significant operations in Taiwan, Hong Kong, Korea and the UK.
Currently all countries are implementing individual standards in differing frequency bands for mobile TV, which is forcing product manufacturers to use different chipsets and create tailor-made designs for each country. Future Waves' technology solution offers international standardisation as it has designed and developed one chipset for all standards and frequency bands and it also provides considerable cost savings to OEMs as the cost of a Future Waves chipset is comparable to a single standard solution.
Future Waves has achieved early market penetration with its proprietary Fenix chip which offers a method of digitally controlling analogue processors in a low power design. This technology ultimately allows manufacturers of devices that use radio frequency (`RF') to reduce the amount of energy needed to power their electronic devices. This results in either smaller batteries and ultimately smaller devices or longer lasting batteries and ultimately better performing devices. Fenix is based on the CMOS (Complementary metal-oxide semiconductor) process.
The funds raised will be used to further develop Future Waves' Fenix range of chips with the next generation of chips being prepared for mass production capability in Q4 2008 as well as to strengthen its management team in the areas of finance, sales and engineering. Sales efforts are being stepped up in Future Waves' key markets of Korea, China and Taiwan and communications with European broadcasters will be reinforced.
As highlighted in the final results, strategic sales contracts have been secured in China and Future Waves' first generation chip, Fenix 1, is incorporated in a product that has been launched in preparation of the Beijing Olympics. The company anticipates that further expansion of sales volumes will arise in Q3 2008. Fenix 1 chips have also been placed in portable navigation devices, smart handhelds and portable media players (`PmP's).
Guy Spelman CEO of Nanoscience commented:
`The Future Waves team has made serious progress technically in creating a compelling product for an exciting and potentially vast market and Nanoscience believes Fenix 2, with the AMx technology at the core, will trigger further significant traction in Future Waves' targeted markets and position the business as a key player for 2009.'
Professor Chris Toumazou Chairman of Future Waves commented:
`We are entering a great new wave of digital radio technology for consumerapplications as is evidenced by the critical designs wins we previouslyobtained in the kitchen radio and hand held GPS/PmP player market. The newfunding will now help us target the emerging markets for mobile TV in Asiaoffering enormous potential for the Future Waves ultra-Low power Fenix 2Multi-standard Tuner.' -Ends- Further Information:Guy Spelman Nanoscience Inc. 07767 338 967 Vikki Krause Hansard Group 020 7245 1100 Tim Goodman Ambrian 020 7634 4711
vendor
Follow the stocks
