The manufacturer, which employs 148 in Oxfordshire, has also developed a next-generation protection that’s scheduled for roll-out next year. “This IPX8 solution will be at the least on a par with the latest best high-end smartphones. We’ve been ready but it’s taken a while for the market to catch up,” says Moores, spurred on by latest figures from analyst IDC that show water-resistant mobile output rose 76 per cent last year.
Totally focused on exporting, P2i’s latest funding, part of a long-term relationship it has with the bank, will give it working capital, helping cement its stake in China and south-east Asia where it already has facilities in Shenzhen and Taipei.
Originally a Ministry of Defence spin-out 13 years ago, Oxfordshire-based P2i has 123 patents under its belt and became profitable in 2016. The £10 million, which follows £70.4 of million equity investment from among others ADV Partners, Unilever Ventures and Ombu, is part of Clydesdale and Yorkshire’s drive to lend to innovative, fast growing firms with strong IP assets.
Steve Clark, the bank’s senior director growth finance, said: “It’s a fantastic opportunity to be able to fund such an innovative company. P2i are stretching the boundaries of the British technology scene and we look forward to working with them as they continue to grow.” According to Coulson “surface functionalities used to be an afterthought”. But now they are a key consideration, he says “as societies strive for greater quality and to reduce waste.
“As the need to safeguard vulnerable technology increases so will demand for barrier protections. We are now considering how our applications can work with sensors of all kinds from cameras to heart-rate monitors.”
By MAISHA FROST @Daily_Express 10/05/2017