EDINBURGH technology company ATEEDA has received a further round of funding from business angel syndicate Archangels and Scottish Enterprise’s Scottish Investment Bank.
In total the company has received £630,000, with Archangels and ATEEDA’s management team investing £360,000 and SIB contributing the remaining £270,000.
The investment comes after Archangels, which is a syndicate of private investors, and SIB last year collectively invested £650,000 in ATEEDA.
ATEEDA chief executive David Hamilton said the follow-on investment will allow the company to build relationships with clients that have bought the technology that last year’s round funded.
“In the past two to three years we’ve been in an area of the industry known as audio and high precision electronics,” Mr Hamilton said.
“We developed some new products that took IP [intellectual property] which we previously created for going inside microchips and made it available to our customers at their request as modules.
“That’s what the funding round last year was about and since then we’ve taken that to about half a dozen of the global companies in that area and this funding is to develop those relationships with those customers.”
The technology ATEEDA makes allows the makers of microchips that are used in everything from mobile phones to wearable technology to test their own technology against their customers’ specifications. By developing its relationships with these microchip companies ATEEDA hopes to deliver its products to that wider market.
ATEEDA, which has 10 employees, was founded in 2006 and received funding from both Archangels and Scottish Enterprise in the early stages of its development.
“We’ve take a while to find a scalable product, but these modules are scalable,” Mr Hamilton said.
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