Insider Brief:
- CamGraPhic raises north of £800K from Wealth Club clients through the Enterprise Investment Scheme.
- The funding will be spent on completing the fabrication and testing of the demonstration devices.
PRESS RELEASE — Cambridge, UK/August 5, 2022 — CamGraPhic, a Cambridge University spin-out developing graphene-based photonics technology, raised £813,475 from Wealth Club clients through the Enterprise Investment Scheme (EIS).
This takes its total amount raised to £1.26 million, which has been raised through an equity funding round from existing and new investors led by Frontier IP and Wealth Club. A previous funding round, in September 2021, raised £1.6 million, valuing the company at £7.2 million. The money was raised through an Advanced Subscription Agreement, meaning that shares will be issued at a later date, either as part of a future funding round or converted. Sir Michael Rake, the former chair of BT Group plc, is an investor in CamGraPhIC and will be joining its board of directors by the end of the year. He is currently advising the Company on an informal basis.
Led by Paul Mantle, Chief Executive Officer, CamGraPhIC is developing graphene-based photonics technology for scalable, faster and cheaper optical transceivers, devices at the centre of high-speed data and telecommunications networks. The transceivers are also more energy efficient, meaning they are not only cheaper to buy, but also to run. Other applications will include 6G mm wave which will allow data to be transferred at speeds up to 1 terabit per second, High-Performance Computing and networks to handle the demands of artificial intelligence. Progress to date has been highly encouraging. Current versions of the technology have indicated speeds of up to 100Gbps per lane and operation across multiple wavebands.
The technology has attracted interest from major multinationals in the semiconductor and telecommunications sectors. Customer testing is expected to begin next month, in September 2022.
SOURCE FinSMEs
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