A Scottish technology firm which helps microchip developers cut costs has secured £630,000 in a funding deal.
Edinburgh-based Ateeda has been backed by Scottish business angel syndicate, Archangels and the Scottish Investment Bank (SIB). Members of the firm’s management team have also invested in the funding round which will be used to support business development and marketing activity.
Archangels and the management team have invested £360,000 of follow-on funding, with SIB investing £270,000.
Ateeda helps microchip companies reduce production costs and enables them to test products to specifications required by customers including manufacturers of mobile phones, tablets and wearable technology.
Chief executive David Hamilton said: “Feedback from the market shows support not only for the application of our current technology but also for our future product roadmap which is taking test capability to new levels, which we know customers are looking for. The confidence we have in the future is demonstrated by this further support from our investors alongside the investment from our own management team.”
Niki McKenzie, investment director at Archangels, said: “For the companies we invest in, follow on funding is just as important as the initial investment itself. We recognise the need for our ongoing support as our investee companies grow and we are pleased to be able to provide Ateeda with the funding it needs to develop further and to enable the business to move to the next level in its development.”