Investee Company – RadioScape Limited (UK)
Investee Company Business Type – Developer of software-defined radio products
Type of Financing – Expansion
Equity Providers – Royal Bank Ventures, Scottish Equity Partners, Atlas Venture, and Texas Instruments Incorporated.
Equity Leader (Individual) – Gavin Petken an Investment Director of Royal Bank Ventures
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £15.6 million
Total Deal Value – £15.6 million
Other Advisors – N/A
Comments – RadioScape Limited, a leading developer of software-defined radio products for the mobile digital wireless market, has secured £15.6 million in funding from a syndicate of investors. The deal was led by Royal Bank Ventures (RBV), the technology venture capital fund of The Royal Bank of Scotland, whose £10 million investment is their largest to date. The remainder of the funding was provided by Scottish Equity Partners who invested £3.5 million, while Atlas Venture and Texas Instruments Incorporated invested £2.1 million in total.
Established in November 1996 by Dr. Gavin Ferris and Peter Florence, RadioScape develops and licenses software for the wireless communications market. The company has developed the Communications Virtual Machine® (CVM®), which enables rapid development and deployment of complex communications products by semiconductor companies and protocol stack developers.
This technology, which has been adopted by major players in the semiconductor market, addresses a fundamental problem faced by many semiconductor manufacturers and developers who need to enhance the power and complexity of their wireless solutions to meet market demand.
The investment will enable RadioScape to further its global growth and expansion in international markets.
Gavin Petken, Investment Director of Royal Bank Ventures, who led the deal and has joined the board of directors of RadioScape, said: “The company’s leading position in Digital Audio Broadcast intellectual property has already demonstrated how its innovative CVM technology can facilitate the rapid delivery of wireless solutions into new markets”.
Peter Florence, Managing Director of RadioScape, commented: “This strong investment is evidence that RadioScape’s products address current industry needs and that our solutions will play an important role in the development of future wireless products. It also gives us the financial backing required to widen deployment of the CVM”.