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22/06/2017
Most of us know the feeling – that moment of dread when your phone gets submerged in water. Thankfully it’s not always the complete write-off it once was for a smartphone. This is largely down to the smarts of companies like P2i – who have just received a £10 million funding package from Clydesdale and Yorkshire Bank’s Growth Finance team.
The Oxfordshire based company has already applied its innovative water resistant nano-coating solution to more than 175 million smartphones worldwide. And with this funding, they hope to protect many millions more.
A few drops of water can cause a lot of damage. In fact, liquid damage is the second most common type of phone damage. According to analyst firm IDC, 900,000 smartphones are damaged by liquids every day, at an estimated annual cost of $96bn to the industry.
The pioneering technology created by P2i is helping to solve this problem. As we all get more reliant on our smartphones, the demand for greater device protection is growing. The new funding package will allow P2i to expand their business even further. The firm already has 142 members of staff and 123 granted patents.
The deal was delivered by Steve Clark and Usman Ali from the bank’s Growth Finance team, a specialist UK-wide team that provides senior lending for innovative and rapidly expanding businesses with strong intellectual property assets.
Steve Clark, Senior Director of Growth Finance at Clydesdale and Yorkshire Bank, said: “It is a fantastic opportunity and an absolute pleasure to be able to fund such an innovative company. P2i are stretching the boundaries of the British technology scene and we are thrilled to help them with their journey. We look forward to working with them as they continue to grow.”
Ady Moores, Group CEO, P2i, said: “This significant funding is a continuation of our long-standing relationship with Clydesdale Bank. As an internationally-focused business we are looking to expand our presence in Asia, where we already have facilities in Shenzhen and Taipei. Today, nine out of the top ten handset manufacturers come from this part of the world, so it is particularly important that we are able to service this market properly and take advantage of the business opportunities opening up there right now.
“P2i has grown in revenue by 65% year on year and became profitable in 2016. We are very grateful to Clydesdale Bank for their support of our continued growth.”
All our funding deals are subject to status and eligibility. Security may be required.
POSTED IN: Day to Day Banking,2017,Growth
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