Sigma Technology Venture Fund (“STVF”), a fund managed by Sigma Technology Management Limited (“Sigma”), is pleased to announce that it has led a total investment round in SFX Technologies Limited (“SFX”) of £700,000. STVF invested £350,000 as lead investor alongside the Scottish Co-investment Fund, which also invested £350,000.
SFX designs, develops and markets flat panel speaker technology known as the SFX DML for use in applications ranging from Hi-Fi systems to ATMs. The company has also developed a product called Turning Heads, which uses the SFX DML along with a media player and amplifier unit to provide audio solutions for use in the media and advertising markets.
This investment in SFX follows a previous investment of £300k from the Sigma Innovation Fund (East of Scotland) and is the first example of a company graduating from Sigma's earlier stage fund to the STVF, its development fund. During the period of Sigma’s previous investment the company took its flat panel speaker technology from early prototype through to initial production runs and has also secured first sales of the Turning Heads product. This round of funding will be used to support continued product development and for the further expansion of the company’s commercial activities.
Graham Barnet, Managing Director of Sigma, who joined the Board as a non-executive director at the last round and will continue in this role, said “We are delighted to see SFX graduate to our Sigma Technology Venture Fund and look forward to working with the company as it continues to grow. We are also very happy to announce our first investment as a Scottish Enterprise Co-Investment Partner.”