Scottish satellite firm goes global with £6m boost and former Virgin Galactic boss on board
“We are positioned to accelerate our commercial deployment and redefine what is possible in wireless communications” – David Wither, CEO
Sofant Technologies, the Edinburgh-based satellite communications developer, has raised more than £6 million in a “seminal” funding round as it looks to go global.
The firm, which recently unveiled Scots-born industry guru Will Whitehorn, the founding president of Virgin Galactic, as its new chairman, said it was now transitioning from years of research and development work into a commercial launch and production phase.
The latest £6.25m equity fundraising was led and syndicated by EMV Capital Partners (EMVCP), the investment group’s wholly owned venture capital and corporate finance firm. EMVCP played a central role in structuring the round, anchoring it with circa £750,000 of new equity investment, managing loan conversions and aligning all major stakeholders, Sofant noted.
The funding round also includes significant participation by Scottish Enterprise, the National Security Strategic Investment Fund (NSSIF) and other investors.
Proceeds from the fundraising will support the scaling of Sofant’s operations, final qualification of its first commercial products, and preparation for early customer deployments in satellite communications, defence and advanced wireless markets.
Supported by programmes with the European Space Agency and UK Space Agency, Sofant has advanced the development of its next-generation satellite communication terminal, designed to provide users with “high-speed, low-latency” satellite connectivity. The technology is said to eliminate the need for complex cooling systems which is a barrier to scaling modern satellite communication and defence platforms.
To support the transition to a scale-up company, Sofant recently appointed Whitehorn as its chairman. The high-profile appointment reflects the company’s shift toward international expansion.
David Wither, chief executive of Sofant Technologies, said: “We are pleased to have secured this significant investment from our existing shareholder base, and to welcome NSSIF as a new strategic shareholder. This support is a testament to the disruptive potential of Sofant’s technology and the remarkable progress our team has made in recent months. With this additional capital, we are positioned to accelerate our commercial deployment and redefine what is possible in wireless communications.
“EMV Capital has supported Sofant through several phases of development, and we would like to thank them for leading this round and for their continued support and guidance, along with our wider shareholder base.”
Ilian Iliev, chief executive of EMV Capital and Sofant investor director, said: “EMV Capital’s anchoring of this pivotal funding round reflects our continued confidence in Sofant’s breakthrough low-power RF MEMS technology, which we believe represents a step-change in the architecture of next-generation wireless systems, with the potential to reshape products across defence, aerospace, satellite communications and high-performance enterprise markets.
“This investment fits closely with our investment thesis of providing decisive hands-on support at key value inflection points of our portfolio companies, and to help attract strategic finance. We look forward to working closely with the Sofant team as they scale into global markets and unlock the significant value we believe this technology can create.”
Whitehorn added: “Sofant is on the cusp of a major breakthrough with its proprietary RF MEMS technology which addresses critical challenges in power consumption and performance, which are essential for a range of next generation wireless applications.”
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