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12 Aug 2020 12:28
NetScientific plc
("NetScientific" or the "Company")
Sofant Technologies Ltd secures £2.3m in an oversubscribed funding round led by EMV Capital
NetScientific plc (AIM:NSCI), the transatlantic healthcare IP commercialisation group, announces that EMV Capital ("EMVC"), a proposed acquisition by NetScientific , reported today that it has led a £2.3m pre-series A syndicated round in Edinburgh-based 5G and Satcom antenna developer Sofant Technologies, with participation by Scottish Investment Bank , Old College Capital, Kelvin Capital Ltd and Wealth Club.
This transaction increases assets under advisory by EMV Capital in Sofant by a further £1.6m.
The proposal that NetScientific acquires 100% of EMVC undiluted share capital, is to be voted on at general meeting 24 August 2020, as outlined in the Shareholder Circular posted 6 August 2020.
The full details of the announcement are set out below.
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Sofant Technologies Ltd secures £2.3m in an oversubscribed funding round to scale its 5G and Satcom antenna platform
Wednesday 12th August 2020
EMV Capital led a £2.3m pre-series A syndicated round in Edinburgh based 5G and Satcom antenna developer Sofant Technologies, with participation by Kelvin Capital Ltd, Old College Capital, Wealth Club and Scottish Investment Bank.
Sofant, a leader in radio frequency microelectromechanical systems (RF MEMS), is building a proprietary, highly efficient radio technology platform which addresses several challenges facing wireless communication systems. It is initially targeting applications in satellite communications and 5G where its technology reduces the power consumption of electronically scanned antenna arrays by more than 70%.
Sofant CEO David Wither said, "We are very pleased to have supportive investors who understand the value of semiconductor-based hardware. This funding will be used to complete the development of our core RF technology platform. It will also support our activities with an ecosystem of corporate partners who share Sofant's belief that RF MEMS will disrupt the market for high frequency SatCom and 5G antenna applications. It is a very exciting time for Sofant, and we look forward to working with our partners to change the way high frequency antenna systems are designed and built."
Dr. Ilian Iliev, Managing Director of EMV Capital commented, "We are delighted to continue supporting our portfolio company, Sofant, which has made great progress with their disruptive technology in an exciting market. Reliable and fast connectivity has never been more important for our society-which has only become clearer in response to the impact of Covid-19. Sofant are well positioned to build on their development and growth to provide a key enabling technology for this future."
Sofant Technologies plans to use this funding to integrate leading edge RF MEMS technology into a 1st-generation product, accelerate system integration with satellite network operators, and to capitalise on leading OEM collaboration interest.
Ends
About Sofant Technologies
www.sofant.com
Sofant Technologies is a leading-edge radio technology company based in Edinburgh. The company is applying its proprietary RF MEMS technology to develop an extremely low power, low cost platform which solves power consumption and heat problems in 5G and satellite communications antenna systems. Sofant employs a fabless semiconductor business model which enables it to leverage long established high volume, low cost production methods. This positions Sofant to offer its customers game-changing performance with guaranteed scalability and low cost.
About EMV Capital
www.emvcapital.com
EMV Capital Ltd (EMVC) is a London-based venture investor focused on B2B companies in industrial high-tech, energy, circular economy, smart cities, transportation, and healthcare. EMVC's investments in Europe, Israel and the US cover a range of technologies including robotics and AI, machine learning, materials science, IoT, advanced engineering, power electronics and medical devices. EMVC can help companies fast-track their investment readiness through its ecosystem of global corporations, advisors, and service providers.
EMVC's multidisciplinary team holds expertise in venture investment, corporate development, corporate finance and M&A. EMVC understands the importance and value of environmental sustainability and ethical investment principles, reflecting this within its investment thesis.
EMV Capital is an exclusive advisor to the EMVC Evergreen EIS Fund (http://emvcapital.com/eis_fund/).
EMV Capital Limited is an appointed representative of Sapphire Capital Limited, which is authorised and regulated by the Financial Conduct Authority.
About Kelvin Capital
www.kelvincapital.com
Kelvin Capital Ltd is a Scottish based, private investment fund, with over 220 angel investors and a diverse portfolio of 20 investee companies having made investments of over £30 million to date.
About Old College Capital
www.oldcollegecapital.co.uk
Old College Capital (OCC) is the University of Edinburgh's in-house venture investment fund. It aims to support the University's research, staff and students by investing in high-growth, early stage businesses associated with the University.
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Following the publication of this announcement, this inside information is now considered to be in the public domain.
For more information, please contact:
NetScientific
Ilian Iliev, CEO Tel: +44 (0)20 3514 1800
WH Ireland (NOMAD, Financial Adviser and Broker)
Chris Fielding / Darshan Patel Tel: +44 (0)20 7220 1666
MO PR ADVISORY (Press Contact)
Mo Noonan Tel: +44 (0)78 7644 4977
About NetScientific
NetScientific PLC is a transatlantic healthcare IP commercialisation Group focused on technologies and companies that have the potential to treat chronic disease and significantly improve the health and well-being of people.
For more information, please visit the website at www.NetScientific.net
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