Smartphone protection business rings up £6 million round
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Ombu Group has closed its second deal in a week, with nano-coating technology business P2i the latest recipient of growth capital.
A total of £6 million has been invested in P2i by Ombu as part of a £12 million funding round aimed at promoting the company's commercialisation and international growth.
The deal follows on from Ombu's backing of water and wastewater treatment business Bluewater Bio, in partnership with Hermes GPE Environmental Innovation Fund.
Whilst the company was originally set up in 2004 to commercialise liquid repellent technologies developed by the Ministry of Defence, the technology is now used on consumer products such as mobile phones, MP3 players and hearing aids.
The technology was profiled by GrowthBusiness back in February when US-based Liquipel revealed its offering at the Consumer Electronics Show in Las Vegas.
Stephen Brooke, CEO of Ombu Group, says that the investment firm likes to support fast-growing UK companies and world-class technology that has a need for funds and backing to allow it to grow quickly.
He add, 'P2i is a perfect fit for us. It has amazing technology, is experiencing rapid growth and is led by an outstanding management team that we believe has the capacity to turn P2i into a major UK advanced technology business.'
The funding round will allow investment in its operational infrastructure, its Asian base, marketing and sales and research and development.
Carl Francis, chief executive of P2i, believes the funding is an 'endorsement' of its technology.
'Our business is currently expanding rapidly and is being driven by two core markets, electronics and lifestyle through both "new customer adoption" and "existing customer value increases",' he adds.