Warwick Audio secures £1.25m

Other investors include some of Warwick Audio's directors, business angels from the FSE Group and the Minerva Business Angel network.

The fresh funding will allow Warwick Audio to fully commercialise its products. The company began commercialisation following a funding round by MFM, Finance Wales and Porton Capital.

A portion of the new capital will also be used to begin marketing for a range of loudspeaker products developed by Warwick Audio's subsidiary, ZonarSound.

Previous funding
In June 2007, the Mercia Technology Seed Fund (MTSF) and Synergis Technologies injected £500,000 into Warwick Audio.

This was followed in March 2010 by a £1.5m investment from Finance Wales, Porton and MTSF. Finance Wales contributed £300,000 of the total amount, according to unquote" data.

Overall – including this most recent funding round – Finance Wales has injected a total of £1.5m into Warwick Audio.

Company
Warwick Audio is headquartered in Coventry with an engineering centre in Ebbw Vale, Wales. The company was founded in 2001 as a spinout from the school of engineering within the University of Warwick.

The company develops flat and flexible loudspeaker (FFL) products for original equipment manufacturers (OEMs). Warwick Audio claims its FFL products are thinner and lighter than electrostatic loudspeakers, as well as being low-power. The FFL can be used by OEMs in flatscreen TVs, car audio systems or public address systems.

People
Duncan Billson and David Hutchins are the founders of Warwick Audio. Derek Mottershead is the chairman of the company. John Mihell, the portfolio development team manager at Finance Wales, manages the firm's investment in Warwick Audio. Investment director Steven Greenall represented Midven on the deal.

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• Expansion
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• Finance Wales