Neul, the Cambridge UK wireless pioneer which is developing new wide-area cellular network technology dedicated to Machine-2-Machine traffic, has secured an additional $5m in equity funding and attracted Mitsui & Co. Global Investment Ltd (MGI) as an investor.The $5m announced today will help fund the continued development of Neul’s world-beating technology towards full-scale production and commercial deployment, including its’ planned networks in the UK, US and Singapore.
Reflecting the significant progress made by Neul, the funds were raised at a 25 per cent premium to the price per share in November 2011.
Neul is thrilled to have MGI on board as a new investor. MGI is a subsidiary of Mitsui & Co. Ltd., one of the most diversified and comprehensive trading, investment and service enterprises in Japan.
It is important for Neul to attract investors like MGI, who can see the global potential of our technology and can assist Neul strategically and operationally around the world.
MGI is an ideal investor from that perspective and will help develop Neul’s already significant activities, particularly in Asia.
Neul’s existing shareholders (DFJ Esprit, IQ Capital, Business Angels and founding employees) remain very supportive and participated in this funding.
James Collier, CEO and founder of Neul said: “I am pleased to have broadened our shareholder base and very much welcome Mitsui to Neul. The scale and breadth of their activities will be of great benefit to us.
“I would also like to thank our existing shareholders for their support as we move into the next phase of our development.”
David Smyth, CFO of Neul added: “With this additional funding, Neul is able to follow through the many opportunities we have built and accelerate our development towards commercial production and deployment.”
• PHOTOGRAPH SHOWS: James Collier, CEO and founder of Neul