Cambridge University tech spinout raises £1.26m following £7.2m valuation
Cambridge University spin out, GamGraPhic has raised an additional £813,475 from Wealth Club clients through the Enterprise Investment Scheme (EIS).
This takes its total amount raised to £1.26m, which has been raised through an equity funding round from existing and new investors led by Frontier IP and Wealth Club. A previous funding round, in September 2021, raised £1.6m, valuing the Company at £7.2m.
The money was raised through an Advanced Subscription Agreement, meaning that shares will be issued at a later date, either as part of a future funding round or converted.
CamGraPhIC is developing graphene-based photonics technology for scalable, faster and cheaper optical transceivers, devices at the centre of high-speed data and telecommunications networks. They reportedly have the potential to become a core enabling technology for next generation 5G networks and beyond.
Proceeds from the latest funding round will be used to complete fabrication and testing of the demonstration devices. The technology has attracted interest from major multinationals in the semiconductor and telecommunications sectors. Customer testing is expected to begin next month, in September 2022.
Graphene, often described as “wonder material”, is the thinnest material known to man but about 200 times stronger than steel. Scientists view it as having “remarkable optoelectronic properties”, so it can convert electrical signals to modulated light signals and back at super-fast speeds, hence its appeal for 5G infrastructure applications.
Sir Michael Rake, the former chair of BT Group plc, is an investor in CamGraPhIC and will be joining its board of directors by the end of year. He is currently advising the Company on an informal basis.
Alex Davies, CEO and founder of Wealth Club, commented: “As a significant existing shareholder (20.9 per cent) in the company, we were delighted to be able to support CamGraPhIC for the second time.
Wealth Club clients invested over £800k in this latest round, and having previously invested £1.5m, giving the business the best opportunity to ramp up progress in a race to become the first to launch this exciting new technology to market.
Paul Mantle, Chief Executive Officer, CamGraPhIC, added: “We are delighted to progress this funding round. Our graphene-based photonics technology has the potential to transform high-speed data and telecommunications. We look forward to evaluating the technology with customers and receiving the first results.”
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