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MMIC Solutions secures £2.7M A Round Funding

14th May 08. MMIC Solutions Ltd, the Ledbury, UK based supplier of innovative module and subsystem solutions for commercial millimetre wave applications has secured a further £2.7M in A Round funding. New investor YFM Group and existing investor Scottish Enterprise investing through the Scottish Venture Fund, joined the round along with the company’s other existing investors, including NESTA and AEGF.

Having raised seed funding of more than £1.5M so far, the company has already developed and sold 94GHz receivers to a number of manufacturers of millimetre wave security imaging systems. The ability to use millimetre waves to detect non-metallic materials concealed about the body including weapons, explosives, and illegal goods is generating a lot of interest, with systems being deployed at many commercial and civic infrastructure locations, and at airports in the US and Europe.

The company is also developing low cost modules for high capacity communications applications. These links support data rates of 1Gbit/sec and more, and operate in various unlicensed and ‘light-licensed’ bands between 60 and 80GHz.

Rodger Sykes, CEO of MMIC Solutions, commented “We are very pleased by the investment community’s interest in MMIC Solutions, and the continuing confidence shown by our existing investors. The demand for our innovative technology continues to grow in applications such as weapons detection and high bandwidth communications, and this significant investment allows us to expand our team and production capabilities to address the many opportunities our customers are presenting to us.”

Julian Dennard, Senior Investment Manager of YFM Group commented; "MMIC Solutions’ unique capabilities are enabling new solutions to directly address global trends in security, weapon detection, and escalating wireless bandwidth needs. We are pleased to be a part of their growth to exploit these opportunities.”

Jonathan Lloyd-Hirst, Investment Manager for the Scottish Venture Fund, added; ”By establishing its UK production operations in Scotland, MMIC Solutions joins the growing number of cutting edge technology companies choosing Scotland as their base. Innovative companies such as MMIC Solutions demonstrate the high calibre of investment opportunities for our investment partners.”

About MMIC Solutions:
MMIC Solutions Ltd. is fast becoming a global leader in the millimeter wave industry, developing solutions for equipment makers in several markets including security imaging, high bandwidth communications, and high-resolution radar. The company designs, manufactures, and supplies innovative solutions for a range of systems operating at frequencies between 50GHz and 250GHz, using innovative technology licensed from QinetiQ. For more information about MMIC Solutions Ltd, please visit http://www.mmicsolutions.com




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News MMIC Solutions secures £2.7M A Round Funding 14th May 08. MMIC Solutions Ltd, the Ledbury, UK based supplier of innovative module and subsystem solutions for commercial millimetre wave applications has secured a further £2.7M in A Round funding. New investor YFM Group and existing investor Scottish Enterprise investing through the Scottish Venture Fund, joined the round along with the company’s other existing investors, including NESTA and AEGF. Having raised seed funding of more than £1.5M so far, the company has already developed and sold 94GHz receivers to a number of manufacturers of millimetre wave security imaging systems. The ability to use millimetre waves to detect non-metallic materials concealed about the body including weapons, explosives, and illegal goods is generating a lot of interest, with systems being deployed at many commercial and civic infrastructure locations, and at airports in the US and Europe. The company is also developing low cost modules for high capacity communications applications. These links support data rates of 1Gbit/sec and more, and operate in various unlicensed and ‘light-licensed’ bands between 60 and 80GHz. Rodger Sykes, CEO of MMIC Solutions, commented “We are very pleased by the investment community’s interest in MMIC Solutions, and the continuing confidence shown by our existing investors. The demand for our innovative technology continues to grow in applications such as weapons detection and high bandwidth communications, and this significant investment allows us to expand our team and production capabilities to address the many opportunities our customers are presenting to us.” Julian Dennard, Senior Investment Manager of YFM Group commented; "MMIC Solutions’ unique capabilities are enabling new solutions to directly address global trends in security, weapon detection, and escalating wireless bandwidth needs. We are pleased to be a part of their growth to exploit these opportunities.” Jonathan Lloyd-Hirst, Investment Manager for the Scottish Venture Fund, added; ”By establishing its UK production operations in Scotland, MMIC Solutions joins the growing number of cutting edge technology companies choosing Scotland as their base. Innovative companies such as MMIC Solutions demonstrate the high calibre of investment opportunities for our investment partners.” About MMIC Solutions: MMIC Solutions Ltd. is fast becoming a global leader in the millimeter wave industry, developing solutions for equipment makers in several markets including security imaging, high bandwidth communications, and high-resolution radar. The company designs, manufactures, and supplies innovative solutions for a range of systems operating at frequencies between 50GHz and 250GHz, using innovative technology licensed from QinetiQ. For more information about MMIC Solutions Ltd, please visit http://www.mmicsolutions.com