NetScientific PLC (AIM:NSCI) has made a £300,000 investment into Sofant Technologies, a 5G and Satcom antenna developer based in Edinburgh.
The international life sciences and sustainability technology investment and commercialisation group said the investment was part of an £843,000 cash injection that also saw £200,000 of matched funding from the British Business Bank through the future fund initiative.
The investment will provide funding for new patented radio technology solutions developed by Sofant that address several major challenges facing wireless communication systems today, including soaring energy costs, NetScientific said.
The funding also positions Sofant to launch its Series A fundraising in the coming year, after the demonstration of a commercial antenna module which is currently in development and expected to be completed later this year.
"We are very pleased to welcome NetScientific, Skyrora Ventures and the British Business Bank to the growing list of investors who recognise how well-positioned Sofant's technology is to address the biggest challenge faced by the wireless industry as it seeks to make use of the millimetre wave radio spectrum,” said David Wither, the chief executive officer (CEO) of Sofant.
Dr Ilian Iliev, the CEO of NetScientific, said Sofant has made excellent progress in developing its technology, which NetScientific sees as a key component of the future wireless infrastructure.
Shares in NetScientific rose 1.4% to 106p on the news.