Waterproofing technology company receive £10m funding
Pioneers of a liquid repellent technology employed by smartphone manufacturers, P2i, has received a £10m pound funding package from Clydesdale and Yorkshire Bank’s Growth Finance team. With its headquarters in Oxfordshire, British company P2i has already applied its innovative water resistant nano-coating solution to more than 175 million smartphones. Globally, 900,000 smartphones are damaged by liquids every day, at an estimated cost of $96bn to the mobile ecosystem every year, according to analyst firm IDC.
Liquid damage is the second most common type of phone damage, behind smashed screens.
The financial package will be used by P2i to fund a period of forecasted growth and allow them 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 and existing venture capital.
Steve Clark, Senior Director 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 particularly 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.”
This year, P2i will be participating in IP100, a league table of IP rich companies in the UK. The initiative is also sponsored by Clydesdale and Yorkshire Bank.