Audio-technology business Feonic is today (Mon 29 June) launching a crowdfunding campaign with a target of £700,000, the company has announced.
The campaign is being hosted by VentureFounders, the UK-based equity platform that is aimed at “sophisticated investors” in the space.
Feonic designs develops and manufactures “silent speakers” that are aimed at the retail, digital signage and property markets.
The company has more than 12 years of experience developing high-tech audio equipment for both consumer and B2B markets. Its latest innovation harnesses micro vibrations to turn surfaces such as windows, walls, ceilings and digital signage panels into speakers.
Around £320,000 of investment has already been secured from a number of investors, including existing shareholders, with good indicators of interest in supporting the remaining £380,000 of the raise.
The money will be put towards the company’s new sales-focused strategy – having recently significantly strengthened its management team.
There are plans to take the technology into new sectors including property & hotels and energy-harvesting.
Feonic chief executive Simon Woodward said the business is looking to capitalise on a range of audio products that has been proven to be “highly attractive to the market”.
“We are looking to use the proceeds of this fund raising to increase our sales and marketing capabilities, as well as funding our working capital requirements,” he continued
“Our Whispering Window product already enables retailers and digital signage operators to deliver high quality audio advertising messages to passing shoppers directly from their store windows and signs.
“The product has a track record of increasing shopper engagement, increasing footfall and substantially increasing sales with many leading international retail brands, which combined we believe create a compelling investment.”
Further reading: Tagstr takes total funding to $2.6m