Coventry-based technology company Warwick Audio Technologies has gone back to its investor base to raise new funds.

The business, which has developed an audio product consisting of a flat and flexible loudspeaker, has now netted £4.5 million of investment capital since setting up in 2003.

Its last round came back in March 2013 when it became one of the first businesses backed by the Mercia Growth Fund 1. The new cash banked will be used to fully commercialise its operations, which can be used in flatscreen TVs or audio panels.

Joining the funding round alongside Midlands-based Mercia is Finance Wales, business angels from the FSE Investor Network, Midven and Minerva Business Angels.

Derek Mottershead, chairman of Warwick Audio Technologies, comments, ‘After many years of development this funding now gives us the opportunity to complete the commercialisation of Warwick Audio and establish a sound base for ZonarSound.

‘We already have a number of products on the market and we believe there is enormous potential for growth. This investment will enable us to fully exploit that potential.’

Its directional loudspeaker products, developed by subsidiary company ZonarSound, will benefit from the funding round. The products are aimed at busy reception areas such as those found at railway, bus stations, galleries or museums.