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25/11/2013

Warwick Audio secures £1.25m investment package

High-tech loudspeaker company Warwick Audio Technologies has secured a £1.25 million investment deal to take its innovative audio products to market.

The company, which has its engineering headquarters, in Ebbw Vale, South Wales, has developed a flat, flexible loudspeaker that is thin, lightweight and low powered. It can be used in flatscreen TVs or audio panels, in car audio systems, or in public address systems and advertising displays.

Investors in the company include Finance Wales and the FSE Group, along with Midlands-based firms Mercia, MidVen and Minerva Business Angels, and company directors. This funding round brings the total investment in the company since its inception in 2003 to £4.5 million.

The investment will enable Warwick Audio Technologies to fully commercialise its operations, which include developing audio products for Original Equipment Manufacturers.

Part of the investment will be used to market highly directional loudspeaker products developed under Warwick Audio’s subsidiary company, ZonarSound. These products include concealed ceiling tile speakers, suspended speakers and flat sound bars for use in public spaces where sound needs to be controlled. Busy reception areas, railway and bus stations or galleries and museums, for example, could all benefit from carefully directed sound that doesn’t overspill into surrounding areas.

Company Chairman, Derek Mottershead, says: “After many years of development this funding now gives us the opportunity to complete the commercialisation of Warwick Audio and establish a sound base for ZonarSound. We already have a number of products on the market and we believe there is enormous potential for growth. This investment will enable us to fully exploit that potential.”

John Mihell of Finance Wales said:  “Finance Wales is pleased to continue backing Warwick Audio Technologies as it embarks on this next growth phase.   The company’s patented technology is already being considered for powering a number of branded products and has considerable further potential in a wide range of applications.  Launching the new directional speaker under its own ZonarSound brand will be a major step forward and we wish them well.”