A campaign on angel equity platform SyndicateRoom for a company that develops weapons detection solutions has reached 75% of its £500,000 target, the parties have announced.
Radio Physics Solutions (RPS) is valued at around £8 millions and is looking sell an equity stake of 5.9%. The technology it is hoping to fund can detect concealed guns, knives, bombs or improvised explosive devices, the company claims.
The company is already providing products for early adaptors and is working with security agencies in countries with particular security concerns. It is also in talks with the US Department of Defense about securing funding for further military-grade product development.
RPS has an order book worth around £650,000 so it is confident of significantly increased revenue if it can meet the supply. A statement from the company laid out the terms for investors who back the company in its latest round of funding.
“All investors in Radio Physics Solutions will receive the same class of shares as the lead investors, carrying equal rights to vote and participate in dividends and any return of capital,” it reads.
“Investors can also benefit from EIS eligibility, plus a range of standard SyndicateRoom protections including pre-emption rights on the issue of new shares and drag-along/tag-along rights.”
Lead investor Enrique Posner, himself an experienced tech entrepreneur, explained why he is backing the campaign.
“I look for companies that are trying to bring to market a product that requires considerable scientific accomplishment, strong patent protection, good management, trustworthiness and a truly differentiated product,” he said.
“The trend towards enhanced security needs will grow substantially and Radio Physics Solutions has a unique product offering that is sorely needed in the security market.”
Further reading: Oxford Tech Cluster set for £1bn funding boost