Elonics closes £6.1M round led by Scottish Equity Partners

Funding

Elonics Ltd has closed a £6.1 million second round led by Scottish Equity Partners (SEP) and supported by Octopus Ventures, along with existing investors.  

The company, founded in 2003, has developed new radio frequency tuner technology based on CMOS (Complementary metal-oxide-semiconductor) chips, which it says significantly improves signal path management and can be easily configured to support television and radio standards across the globe.

David Srodzinski, Elonics’ Chief Executive Officer, said, “We are very pleased to welcome SEP and Octopus Ventures in this round of financing. Their investment allows us to pursue our growth strategy, targeting the global television and radio market with our world-leading CMOS RF tuner technology.”

SEP Partner Stuart Paterson who led the deal, said the Elonics tuner twins high performance and low cost, and is also the greenest tuner on the market, consuming 2 per cent of the power of traditional devices. “We expect the global tuner market to be worth in excess of $700 million per annum as the market transitions from 50 year old metal can technology to silicon chips.”

Silicon tuner sales are growing rapidly on the back of rising demand for set-top boxes, and for more tuners per box to cope with added features.

Elonics is based in Livingston, near Edinburgh, and led by a team that includes founders of Wolfson Microelectronics. Chairman of Elonics, and former CEO of Wolfson Microelectronics, David Milne, said, “I believe that the company’s ability to attract this new investment highlights the quality of the Elonics team, the attractiveness of the product proposition and the growth prospects for RF tuner technology in the global television and radio business.