Business
Follow-on Investment
Follow-on Investment.
About this update from Truetide Plc
[{"type":"text","content":"\n RNS Number : 0702S Braveheart Investment Group plc 12 May 2009 \n \n12 May 2009\n\nBraveheart Investment Group plc\n('Braveheart' or 'the Group')\nFollow-on Investment in Elonics Limited\n\nBraveheart (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.\n\nFounded 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. \n\nEarly 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. \n\nThe 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. \n\nCommenting, 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.'\n\nDavid 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.'\n\nFor further information please visit www.braveheart-ventures.co.uk and www.elonics.com or contact:\n \n\n\n\n\nBraveheart Investment Group\n\n\nTavistock Communications (for Braveheart)\n\n\n\n\nGeoffrey Thomson, Chief Executive\n\n\nSimon Hudson / James Midmer\n\n\n\n\nTel: 01738 587555\n\n\nTel: 020 7920 31...