Blu Wireless takes on two new equity investors
UK 5G millimetre wave system developer Blu Wireless Technology has received backing from two new equity investors.
Maven Capital Partners, through the South West Investment Fund, and Swedish group Ependion, through its Westermo business, have both taken undisclosed equity stakes in Bristol-based Blu Wireless.
The deals come as the company’s 57 to 71GHz gigabit wireless systems are installed on the Caltrain in the California’s Silicon Valley, and on South Western Railway in the UK.
Maven Capital acts as an appointed fund manager for the British Business Bank’s South West Investment Fund which can invest up to £5m in equity in local firms. The negotiations on the deal have taken over six months.
Self-powered masts for gigabit WiFi to trains
“Blu Wireless has developed a highly defensible and scalable mmWave solution which has the potential to materially improve connectivity on high-speed rail transportation. This new investment will enable the company to further commercialise its market leading technology including through the creation of new high quality engineering jobs in the Bristol region,” said Alexander Sleigh, Maven Investment Director.
“Having the South West Investment Fund, through Maven, invest is fantastic for the business and the area and underlines the progress the company has made over the last 24 months,” said Alan Jones, CEO of Blu Wireless.
The undisclosed investment will allow the company to boost is global deployments and commercialisation of mmWave technology in the rail sector and pave the way for the ‘gigabit train’ in the UK and globally.
Last week Blu Wireless signed a strategic deal with Westermo, the industrial networking business of Swedish conglomerate Ependion.
The minority stake by Ependion will see the company take a seat on the board
“Westermo is the global market leader in communication on board trains. With this strategic investment and partnership, we are strengthening our position in the connected trains market by gaining access to cutting-edge technology for train-to-ground communication. We see great potential for mmWave technology in the rail sector,” says Jenny Sjödahl, President and CEO at Ependion.
“We have gained a strong industrial partner in the rail sector in Westermo that will help further expand our footprint and commercialise our mmWave wireless technology. This is a major milestone in our development and growth as a company,” said Jones.
The collaboration includes further commercialisation of the Blu Wireless mmWave technology in the rail sector as well as joint roadmap for future products.
www.bluwireless.com; www.ependion.com
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