The company will use the new capital to produce the first prototype of a highly accurate fingerprint identification system for use in personal ID cards, passports and access control systems.
The Warwick Warp deal is one of several that the OEI Network has brokered for developing companies during the past 18 months, raising a total of £473,000. Other companies that have raised funding through the Network include Water Innovate, a spin-out company from Cranfield University that develops new technologies for the water and wastewater industries, NanoSight, which is developing a nanoparticle measuring system, and Zeta Studies, a software development house for web based services and mobile data collection solutions.
Joanna Sobek, Manager of Oxford Early Investments, said, ’OEI was set up to meet investor demand for very early stage investment opportunities, and to help companies that need small but crucial sums to develop their product beyond an initial ‘proof of concept’, often the most difficult stage of company growth to fund. The Network has now established a track record for filling this gap in the market.’