Scottish-based business angel syndicate Archangels and the Scottish Investment Bank (SIB), along with members of the company’s management team, have invested a further GBP630,000 in Scottish microchip testing company ATEEDA.
Archangels, based in Edinburgh, has been at the forefront of early stage investing in Scotland for more than two decades, alongside Scottish Enterprise’s investment arm, SIB.
In this latest round of funding, Archangels and ATEEDA’s management team have invested GBP360,000 of follow-on funding, with SIB investing GBP270,000.
Edinburgh-based ATEEDA helps microchip companies reduce their costs, as the complexity of their products increases, while enabling them to test to specifications required by leading consumer brands of mobile phones, tablets and wearable technology. ATEEDA’s “generATE” and “checkmATE” products, used in the production of audio and high precision electronic chips, offer industry-leading testing capability. The technology is future-proofed because its own performance escalates beyond that of each new generation of chip in the market.
The additional funding will be used to support ATEEDA’s business development and marketing activity which has significantly increased as a result of chip and tester company interest in ATEEDA’s technology.
David Hamilton, ATEEDA’s founding CEO, says: “Feedback from the market shows support not only for the application of our current technology but also for our future product roadmap which is taking test capability to new levels, which we know customers are looking for. The confidence we have in the future of ATEEDA is demonstrated by this further support from our investors alongside the investment from our own management team.”
Niki McKenzie, investment director at Archangels, says: “For the companies we invest in, follow on funding is just as important as the initial investment itself. We recognise the need for our ongoing support as our investee companies grow and we are pleased to be able to provide ATEEDA with the funding it needs to develop further and to enable the business to move to the next level in its development.”
Kerry Sharp, head of Scottish Investment Bank, says: “Scottish Enterprise has supported ATEEDA since its early stages, through account management and SIB investment. It is innovative, high tech businesses like ATEEDA that we are here to support. This funding will be crucial in allowing the company to develop its international sales activity in a rapidly growing market. We look forward to continuing to work with Archangels to support ATEEDA to achieve its ambitions.”
