Amantys runs out of power and ceases trading
Cambridge power electronics company Amantys has gone bust despite raising around $20 million of investment in under five years. Up to 40 staff have lost their jobs.
It is the second high profile Cambridge company to have hit the wall in the last three weeks following the fall of Enecsys into administration despite having raised £25m three years ago.
Amantys has closed down completely and is selling off equipment. Business Weekly understands the decision to cease trading followed an abortive trawl for new money from existing and fresh investors over recent months.
An inside source told Business Weekly that market adoption of the technology had proved too slow to save the business, which specialised in the delivery of scalable, cost effective solutions to meet the challenges of designing reliable and efficient power conversion in medium and high voltage applications. One customer took five years to hit volume production with the technology.
The company was formed in 2010 on the back of groundbreaking academic research and Cambridge business acumen by a team of former ARM executives.
Amantys was developing commercial products for a broad range of medium and high voltage applications across all sectors of the energy industry. The Amantys team spotted the opportunity to leverage fundamental research into a fresh approach to power switching electronics to address a growing market need.
Amantys built on the skills and expertise of its ARM and Cambridge University heritage and had highly rated product but the source said the company failed to go about raising new capital in the right way. The IP lives on so the technology legacy could be hoovered up by an investor or customer.
Moonray Investors, part of Fidelity International, had been a principal backer.
Amantys opened a Shanghai office in 2013 but changes at CEO level were clearly a sign of problems. Erwin Wolf replaced Karen Oddey in October 2013; she had taken on the role in January the same year from Bryn Parry.
The manner of its demise was in stark contrast to the brio of its birth – a cursory note on its website to say the company had ceased trading with no explanation.