Funding will 'Trace' the way ahead for opto-electronics
firm
27/03/07
A Welsh opto-electronics company is about to revolutionise the
aerospace and defence sectors with next-generation software capable
of saving significant costs and time in the design and testing of
fibre optic harness systems - thanks to a £600,000 funding
round.
With hundreds of miles of fibre-optic cabling often used in just
one large aircraft, it can take more than a year for engineers to
compete installation. Trace Technologies Ltd’s new software –
Photonic Interconnect System Designer (PISD) – allows this to be
cut to just a few months through the use of groundbreaking software
technology.
Recently located to Technium OpTIC in North Wales, and the winner
of last year’s Technium Challenge, the company has secured £600,000
funding as part of a syndicated deal between Finance Wales, Geoff
Andrews, a xénos Wales Business Angel Network investor, HSBC, an
existing shareholder, and Regional Selective Assistance from the
Welsh Assembly Government.
Finance Wales and xénos investor, Geoff Andrews, have each taken
equity stakes in the company as part of the package.
The deal will allow the company to fully commercialise the software
and take PISD to market after already receiving orders from the
likes of Airbus and other firms active in the aerospace and defence
sectors. Later versions will target defence vehicles, ship
builders, car manufacturers, railways and other industries
utilising fibre-optic technology.
The company, which was founded by Geoff Fisher and Ernie Edwards,
has acquired the intellectual property rights to a programme
originally developed by BAe Systems. The exclusive agreement with
BAe Ventures enables Trace Technologies Ltd to further develop and
market the programme worldwide.
“The funding round will allow us to actively commercialise PISD to
the global market. It has huge potential in terms of reducing the
significant costs associated with the design and implementation of
fibre-optic systems, particularly in large-scale projects,” said
Geoff Fisher of Trace Technologies Ltd.
He added: “Aerospace manufacturers are an obvious beneficiary of
such a system. They have to spend thousands of man hours
calculating, developing and installing such technology, often
utilising hundreds of miles of fibre-optic cabling in just one
aircraft. The PISD system will cut the amount of time and effort
needed, thus reducing costs substantially - up to 60 per cent - in
this globally competitive market.”
Andrew Davies, Minister for Enterprise, Innovation and Networks,
said: “Trace Technologies Ltd has ensured innovation is at the
heart of its research and development processes and to this end it
has developed a unique software package capable of saving the
aerospace and defence sectors millions of pounds.
“The future of the Welsh economy is underpinned by such innovative
companies with the foresight to look beyond the barriers and
provide solutions that will enable other sectors to thrive and
prosper.”
Paul Lee of Finance Wales Plc, said: “The funding package arranged
for Trace highlights how a syndicate involving both Finance Wales
and private investors can help high growth and innovative
companies. The combined investment will allow Trace to
commercialise its unique software design tool and ensure it has
capacity to develop the technology into other sectors and
industries where opportunities exist.
“We are delighted to have been able to join forces with a xénos
investor to complete this deal for such an innovative company. We
expect to see more of these types of syndicated investments coming
together in 2007/2008. It is a key area of growth for us.”
Geoff Andrews, the xénos, Wales Business Angel Network investor,
said: “I am very excited about this company and delighted to have
the opportunity to invest in it. My own background is in aerospace
and communications and I believe the Trace product will be very
attractive to the aerospace marketplace as a means of improving
productivity.”