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.”
Ady Moores, group CEO at P2i, said: “This significant funding is a continuation of our long-standing relationship with Clydesdale Bank.
“As an internationally-focused business we are particularly looking to expand our presence in Asia, where we already have facilities in Shenzhen and Taipei.
“Today, nine out of the top ten handset manufacturers come from this part of the world, so it is particularly important that we are able to service this market properly and take advantage of the business opportunities opening up there right now.
“P2i has grown in revenue by 65% year on year and became profitable in 2016. We are very grateful to Clydesdale Bank for their support of our continued growth.”
P2i was also recently ranked third in the IP100, a league table of IP rich companies in the UK compiled by BQ and Metis Partners in association with Clydesdale and Yorkshire Bank’s.
Stephen Robertson, co-founder of the IP100 and founder of Metis Partners said: “We were already aware of P2i's strong IP portfolio following IP due diligence we carried out on behalf of the Clydesdale Bank.
“When they entered the IP100, P2i’s patent filings and their management of them was one of the most impressive we have encountered since the IP100’s inception.
"The company boasts a considerable patent portfolio spanning across multiple territories, and with a deep understanding of pre-application diligence and regular pruning of their filings, P2i was able to claim 3rd spot on the overall rankings and this year’s top spot in the patents category.”
BQ’s Bryan Hoare added: “P2i is a great example of how the IP100 can help IP-rich businesses scale up for further growth.
“The company is a real success story for British technology and shows just how vital it is that innovative businesses protect their intellectual property.
“We wish them every luck in the future.”
For more information on the IP100, click here.