Pufferfish attracts further major investment

Published on Sunday 22 February 2009 20:31

THE Edinburgh firm behind a spherical projection system used by the likes of Coldplay to the world's most famous oil cartel has received a further boost in funding.

Braveheart, the Perth-based angel investor, has led a 430,000 funding round into Pufferfish, which was spun out of the University of Edinburgh in 2004.

Pufferfish's spherical display system, the PufferSphere, offers digital projection over its entire surface, giving high-impact display of digital content.

It describes the inflatable technology as "inescapably conspicuous and impressively adaptable", claiming it draws its own crowd when on display.

The PufferSphere has been used in a number of cultural events, featuring heavily in the latest Coldplay tour as well as at Big Chill music festivals and the Edinburgh International Film Festival.

It has also attracted an impressive list of corporate clients, having been used at events staged by Google, Standard Life Investments and even a heads of state meeting in Saudi Arabia for members of the Organisation of Petroleum Exporting Countries.

Braveheart first put money into Pufferfish as a seed investment when the new spin-out received a Smart award for innovation from Scottish Enterprise in 2004. It followed this up with a further funding round in March 2007.

Geoffrey Thomson, chief executive of the Aim-listed angel investor, said Pufferfish was an "exciting" prospect. He said: "The company is steadily being recognised for its innovative approach to developing new platforms for digital content.

"Braveheart first invested in Pufferfish at the seed round and, as a result of the company's sales performance and continued ambition, we are proud to demonstrate our commitment with this further investment."

Pufferfish chief executive Oliver Collier said Braveheart has instinctively understood its concept from the beginning. "The proceeds of this financing will be used to strengthen the management team, drive down productions costs and increase the product range," Collier said. "We are delighted that Braveheart has recognised the continuing potential of Pufferfish."

Pufferfish is seeking to build a global distribution network, recently signing a reseller agreement for the US. It is planning to launch a simpler and more versatile version of the PufferSphere in April, while a product for permanent installations should be on sale in 2010.

Along with Braveheart, the Scottish Co-Investment fund, Pufferfish staff and some of its clients have also invested money into the company.