Firms secure cash for growth
TWO North West businesses have secured funds to help fund their expansion.
eoSemi, a Congleton-based technology company, has secured a £1.5m tranche of funding from a group of existing investors, including fund manager EV.
The funds will be used to allow the company to continue its work in developing silicon replacements for the quartz crystals currently used in electronic devices.
EV, which first supported eoSemi in October 2009, has invested alongside the UK government-backed fund NESTA Investments and the Belgian fund Capital-E.
“The continuing commitment of our investors is a ringing endorsement, not only of our core technology, but also of the progress made by our team towards bringing that technology to market,” said eoSemi CEO Ian Macbeth.
“We are addressing a long-term market opportunity in excess of $4bn, and moving confidently from early-stage technology development towards commercial success.”
eoSemi’s technology will enable the creation of new silicon devices to replace the costly, bulky and unreliable external quartz crystals that are still used in even the newest consumer and industrial devices, from mobile phones to televisions.
EV investment director Ed French said: “eoSemi has made remarkable progress in developing the first really viable alternative to quartz in a century of electronics development. Its approach will allow manufacturers to reduce the number of parts required for each device and therefore the cost and size.”
Meanwhile, a Sefton-based business which services and repairs valves used in the oil & gas sector has secured a £120m,000 loan from the North West Fund for Business Loans, managed by FW Capital.
Control Valve Solutions of Maghull will use the cash to buy new testing equipment, and for working capital to halp funds its growth.
Mick Beavers, CVS’s managing director said: “This funding will support further service improvements with investment in new equipment and software to ensure that valve repairs and overhauls are carried out to the highest standards.”
