KELVIN Capital, the Glasgow-based “business angel” syndicate, is to invest £3 million in eight new Scottish businesses.
The group, which was co-founded by John McNicol and Jim Hall in 2009, finalised two deals in September and has another six due for completion by January.
The latest investment agreed by Kelvin is a Scottish invention that is about to hit global markets. Designed for the marine sector and based on a patented wave technology, Waveblade claims to be the world’s first submersible handheld power tool to remove fouling from boat and submerged surfaces.
Kelvin has invested £550,000 in order to develop a product pipeline aimed at the commercial sector to build on the success Waveblade enjoyed within the amateur boating market.
The firm also has support from Scottish Enterprise’s High Growth Unit, and is exploring applications for the device in oil, gas and mining.
Waveblade was invented by Ayrshire-based boat enthusiast and entrepreneur Hugh Fisher. He said: “I’m delighted to have secured the funding to take Waveblade to the next level and create a truly global Scottish company.”
The other investment made in September was in a “smart antenna” produced by University of Edinburgh spin-out Sofant Technologies Limited.
Recently featured on the BBC news website, Sofant’s antenna is expected to revolutionise smartphone and tablet PC technology by eliminating poor reception and short battery life.
Kelvin specialises in early stage investment into Scottish innovations, which benefits from tax breaks under the Enterprise Investment Scheme.
McNicol said the group had been gaining more “angels”, attracted by the potential of the companies available to invest in, the people behind them, and the tax benefits.