Finance Wales has led a £600,000 funding round for opto-electronics company Trace Technologies Ltd. Trace Technology's new software Photonic Interconnect System Designer (PISD) will enable the time taken to fit fibre optic cabling into aircraft to be slashed. Geoff Andrews, a xénos Wales Business Angel Network investor, HSBC, an existing shareholder, and Regional Selective Assistance from the Welsh Assembly Government also contributed to the funding round.
Managing director Craig Ferguson discusses accelerated deployment activity during the pandemic and plans to scale up the PE allocation by 2025
Fund has a target of $600m, which it plans to reach by next year, according to Kommersant
Existing investors including Institut Català de Finances also take part in the financing
Biotech company initially raised €12m in December 2018