Fusion IP plc (AIM: FIP), the university IP commercialisation company that turns world class research into business, is pleased to announce that Mesuro, the Cardiff University spin-out which sells RF testing equipment and device measurement services to the semiconductor industry, has announced today that it has completed a £700k funding round to expand overseas sales of its revolutionary RF testing equipment.
Fusion IP invested £300k in the round and as a result its shareholding is 46.5%.
The funds are to be used to increase the capacity of the business to deal with the enhanced levels of overseas sales activity that the company is seeing in both its consultancy services and its RF testing equipment sales. Sales of over £800k have been delivered to customers in the first half of the year, including the company's first sale to Japan, a key milestone for the company.
Richard Emsley, CEO of Mesuro, added:
“These funds will enable Mesuro to capitalise on the huge level of interest being shown in Mesuro’s RF technology, which enables device manufacturers to obtain the very highest performance from their designs, maximise their efficiency, reduce power consumption and improve time to market. We look forward to accelerating the growth of the company over the next 12 months.”
David Baynes, CEO of Fusion IP, commented:
“The Mesuro sales are extremely encouraging and these funds should enable the company to convert its highly promising pipeline in the coming year."
Ann Casey, Investment Executive Finance Wales, commented:
"Mesuro has made excellent progress in developing and commercialising its testing equipment. It is clearly focused on its market and already achieving creditable sales levels. We are pleased to participate in this funding round as it will give Mesuro the capital it needs to expand into new markets and we look forward to seeing even greater sales revenues."