Blu Wireless Technology, a Bristol University spin-out incubated at SetSquared’s accelerator has attracted $3.1m from angel investors.
The round was led by Qi3 Accelerator, which was joined in participation by the Angel Co-Fund (contributing $900k), Wren Capital, the London Business Angels 2013 EIS fund, and several experienced private investors.
The firm plans to use the funding round to accelerate development of its next generation WiFi intellectual property as well as doubling its headcount to 30.
Blu’s WiFi tech enables transfer speeds of 10 Gbps, allowing nearly instant transfer of data.
Nick Sturge, director of the Bristol SETsquared Centre, said: “We have supported Blu Wireless over the last couple of years in the challenging and tortuous process of raising the investment they needed to exploit the exciting technology that they have. This proves that high quality companies will get funded with the best support, the best team and the best advisers. We are delighted to be helping Henry, Ray and the team through the next phase of growth.”
The SetSquared partnership supports the commercialisation efforts of Bristol, Bath, Exeter, Southampton, and Surrey universities.
