Frontier IP Group PLC (AIM:FIPP) has marked a major milestone with the €25 million Series A funding round of 2D Photonics, the new parent company of its long-standing portfolio business CamGraPhIC.
The investment, which brings in heavyweight backers including Sony, Bosch, and the NATO Innovation Fund, will support the scale-up of graphene photonics technology that aims to improve the speed and energy efficiency of mobile and artificial intelligence systems.
As part of the deal, Frontier IP has converted around £2.7 million in loans and interest into equity in 2D Photonics, valuing its stake at £3.1 million.
CamGraPhIC, which spun out of the University of Cambridge and Italy’s CNIT research institute, is now a wholly owned subsidiary of 2D Photonics.
The funding will go towards a pilot manufacturing facility and further development of its transceivers, which the company says outperform current silicon-based models while using 80% less energy.
“This fundraising is a major milestone for 2D Photonics and Frontier IP,” said Neil Crabb, chief executive of Frontier IP. “The potential of the technology to be a game changer for artificial intelligence, mobile telecommunications and other strategically important sectors is underlined by the quality of the investors backing the company.”
Frontier’s former Advanced Electronics Commercialisation Director, Ben Jensen, has been appointed chief executive of 2D Photonics and will now lead the business full-time.
Crabb said he was “very proud” of Frontier’s role in bringing the technology to this stage, adding: “Although I am very sorry to see Ben leave Frontier IP, he is the right person to lead 2D Photonics as it embarks on the next phase of its growth.”