A £2 million investment into technology business Blu Wireless has been dominated by a £1 million commitment from London Business Angels private investors – represented by Qi3 Accelerator.
Bristol-based Blu Wireless is involved in wireless communication and is producing a system to switch between processors to allow for greater bandwidth on 4G and WiFi connections.
The capital it has garnered will be used to double the amount of staff it has to 30 and complete the development of its HYDRA baseband IP offering for WiFi and 4G mobile network applications.
Alongside investment from London Business Angels and government funding scheme the Angel Co-Fund, contributions are also coming from Wren Capital and a series of other private investors.
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Henry Nurser, CEO of Blu Wireless, comments, ‘With the completion of the funding round, we will be executing our plan to become the leading supplier of baseband system IP to manufacturers in the 60GHz sector.
‘Qi3 Accelerator did a great job to pull this large syndicate together and the Angel CoFund’s involvement was also vital to the transaction.’
Back in July, GrowthBusiness reported that the Angel CoFund was, after 18 months in existence and 28 deals completed, extending its reach across the UK.
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Previously the fund was only available to businesses in certain areas of England, but it will now be accessible to businesses and angel groups across the UK.
Tim de Vere Green, lead investor at Qi3 Accelerator, adds, ‘This is a very exciting sector and we are convinced Blu Wireless will be a global leader in 60GHz technology.
‘The thorough due diligence we have conducted has given us great confidence in the team’s technical and management capabilities, as well as their deep knowledge of their target markets.’