RT @emergelab: London-based female founders join Silicon Valley trade mission.Via @techdotlondon https://t.co/r82LYnLh7v
May 15, 2017 · bqlive.co.uk
P2i, an Oxfordshire tech firm which has pioneered a liquid repellent technology employed by smartphone manufacturers, has received a £10m funding package from Clydesdale and Yorkshire Bank’s growth finance team.
With its headquarters in Oxfordshire, British company P2i has already applied its innovative water resistant nano-coating solution to more than 175 million smartphones, making them world leaders in their field.
Globally, 900,000 smartphones are damaged by liquids every day, at an estimated cost of US$96bn to the mobile ecosystem every year, according to analyst firm IDC. Liquid damage is the second most common type of phone damage, behind smashed screens.
This new financial package will be used by P2i to fund a period of forecasted growth and allow them to expand their business even further. The firm already has 142 members of staff and 123 granted patents.
The deal was delivered by Steve Clark and Usman Ali from the bank’s growth finance team, a specialist UK-wide team that provides senior lending for innovative and rapidly expanding businesses with strong intellectual property assets and existing venture capital.
Steve Clark, senior director growth finance at Clydesdale and Yorkshire Bank, said: "It is a fantastic opportunity and an absolute pleasure to be able to fund such an innovative company.
"P2i are stretching the boundaries of the British technology scene and we are thrilled to help them with their journey. We look forward to working with them as they continue to grow."