Business
£3.1million syndicated investment
£3.1million syndicated investment.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 2180R Mercia Technologies PLC 20 September 2017 \n\n\n\n\n\nRNS \n\n\n20 September 2017\n\n\n\n\n \n \nMercia Technologies PLC\n(\"Mercia\" or the \"Group\")\n \n£3.1million syndicated investment into Warwick Audio Technologies\nMercia Technologies PLC (AIM: MERC), the national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions, is pleased to announce that it has invested £1.9million as part of a £3.1million syndicated round into University of Warwick spinout, Warwick Audio Technologies Limited (\"Warwick Audio\"), the specialist developer of a new generation of planar audio transducers. This investment is alongside GuoGuang Electric Co (\"GGEC\") and a number of sophisticated private investors. \nMercia originally supported Warwick Audio through its third party managed funds, before it became a direct investment 'Emerging Star' in December 2014. In total, Warwick Audio has received £4.3million of direct investment from Mercia and the Group now holds a 64.0% equity stake in the business. \nThe funds raised via this new investment round will be used to continue product development of its High-Precision Electrostatic Laminate (\"HPEL\") technology, a high-end headphone system called the Sonoma Model One (http://www.sonomaacoustics.com), and to expand sales of these electrostatic headphones. The funds will also be used to help the company take advantage of new commercial opportunities which have been identified in the automotive market. \nOver the last 18 months the strong performance of the HPEL transducers has been evidenced through public reviews; the Sonoma Model One has received positive reviews from both audiophile reviewers and leading figures in the professional recording industry. \nMike Grant, CEO of Warwick Audio said: \"Warwick Audio has achieved a great deal in the last 18 months. We are delighted to have secured this new round of funding and in particular to have received investment from GGEC and several new investors. The amount raised exceeded our original funding target and represents a vote of confidence in both the team and the growth strategy we are pursuing, exploiting the new market opportunities we have identified, including in particular th...