£630,000 investment for ATEEDA

£630,000 investment for ATEEDA

Scottish microchip testing company ATEEDA has received £630,000 investment from Edinburgh-based business angel syndicate, Archangels, and the Scottish Investment Bank.

In this latest round of funding Archangels and ATEEDA’s management team have invested £360,000, and SIB has put forward £270,000.

The additional funding will be used to support ATEEDA’s business development and marketing activity which has significantly increased as a result of rising interest from chip and tester companies.

Edinburgh-based ATEEDA works with microchip companies to help reduce their costs while enabling them to test to specifications required by consumer brands of mobile phones, tablets and wearable technology.

David Hamilton, ATEEDA’s founding CEO, said: "Feedback from the market shows support not only for the application of our current technology but also for our future product roadmap which is taking test capability to new levels, which we know customers are looking for.

"The confidence we have in the future of ATEEDA is demonstrated by this further support from our investors alongside the investment from our own management team."

Niki McKenzie, investment director at Archangels, said: "For the companies we invest in, follow on funding is just as important as the initial investment itself.

"We recognise the need for our ongoing support as our investee companies grow and we are pleased to be able to provide ATEEDA with the funding it needs to develop further and to enable the business to move to the next level in its development."

Kerry Sharp, head of Scottish Investment Bank, added: "Scottish Enterprise has supported ATEEDA since its early stages, through account management and SIB investment.

"It is innovative, high tech businesses like ATEEDA that we are here to support. This funding will be crucial in allowing the company to develop its international sales activity in a rapidly growing market. We look forward to continuing to work with Archangels to support ATEEDA to achieveits ambitions."