DFJ Esprit leads investment in Neul

Cambridge start-up Neul has raised $12.8 million (£8 million) following a round of funding led by European venture capital firm DFJ Esprit.

The syndicate of investors includes IQ Capital and Cambridge Angels, as well as some of the company’s founders and employees.

Neul chief executive James Collier says, ‘This investment will allow Neul to further expand its leadership position in fully compliant white space wireless systems.’

The company’s aim is to unify the fragmented machine-to-machine (M2M) communications sector with the first white space radio system and an open M2M communications standard.

The funding will also help support several wireless data trials already underway, including a trial announced on 27 June this year by the Cambridge Consortium of the BBC, BSkyB, BT, Cambridge Consultants, Microsoft, Neul, Nokia, Samsung, Spectrum Bridge and TTP.

The trial is looking at how unused TV spectrum, or white spaces, could satisfy the demand for wireless internet connectivity, according to a statement.

CEO of DFJ Esprit, Simon Cook, believes Neul have ‘pioneered game changing wireless technology in Europe’, adding, ‘They have an exciting vision, and with endless applications of the Neul network it will truly set a new standard for wireless communications.’

The company launched its first product, NeulNET, earlier this month. It’s the first radio system specifically designed for TV white space that meets all Ofcom regulations.

DFJ Esprit partners have invested in businesses such as Lovefilm, Apatech and Domantis.

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

Related Topics

Early Stage Funding