Mercia Technologies PLC New Direct Investment in £5.0m syndicated round (7709W)
17 November 2017 - 6:00PM
UK Regulatory
TIDMMERC
RNS Number : 7709W
Mercia Technologies PLC
17 November 2017
RNS 17 November 2017
Mercia Technologies PLC
("Mercia" or the "Group")
New Direct Investment in GBP5.0million syndicated round
Mercia Technologies PLC (AIM: MERC), the national investment
group focused on the funding and scaling of innovative technology
businesses with high growth potential from the UK regions, is
pleased to announce a new direct investment into Aston EyeTech
Limited ("Aston EyeTech"), a spinout from Aston University,
Birmingham, which has developed a range of proprietary hardware and
software products in ocular care.
Mercia's investment of GBP1.8million gives the Group a direct
equity stake of 19.4% and is part of a GBP5.0million Series A
funding round, alongside an Asian-based investment syndicate. The
funding will be used to accelerate product development and launch
Aston EyeTech's latest state-of-the-art product range.
The Birmingham-based company is a spinout from the UK's top
ranked School of Optometry at Aston University, one of Mercia's 19
university partners. Aston EyeTech is already revenue generating
and aims to disrupt the optometry industry by combining high
quality portable and digital eye tests with artificial intelligence
driven software platforms. As with Mercia's other direct
investments, Aston EyeTech has been supported within Mercia's
managed funds portfolio through seed and its early stages of
development before now becoming a new direct investment Emerging
Star.
Carl Francis, CEO of Aston EyeTech, said: "With our cutting-edge
technology, skilled team and supportive shareholders, Aston EyeTech
has all the ingredients needed to disrupt the $200.0billion global
eye health care industry. It is personally gratifying to see high
quality investors, such as Mercia and our new Asian partners,
attracted to this significant opportunity."
Peter Dines, Head of Life Sciences & Biosciences at Mercia
Technologies PLC, said: "Having worked closely with the Aston
EyeTech over the past three years, initially investing at seed
stage from our managed funds and providing commercial and strategic
guidance as a Board member, we have seen the business grow rapidly
with an impressive team of talented individuals. We are pleased to
continue to support the business as it joins our direct investment
portfolio. This is another example of the high quality businesses
that Mercia's team has sourced both regionally and via our
university partners. We firmly believe that Aston EyeTech has
significant potential to disrupt a large and growing global
market."
For further information, please contact:
Mercia Technologies PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.merciatech.co.uk +44 (0)330 223 1430
Cenkos Securities plc
Stephen Keys, Camilla Hume (NOMAD and Joint Broker) +44 (0)20 7397 8900
Canaccord Genuity Limited +44 (0)20 7523 8000
Simon Bridges, Emma Gabriel (Joint Broker)
Buchanan
Bobby Morse, Victoria Hayns, Chris Lane, Stephanie Watson
www.buchanan.uk.com +44 (0)20 7466 5000
About Mercia Technologies PLC
Mercia is a national investment group focused on the funding and
scaling of innovative technology businesses with high growth
potential from the UK regions. Mercia benefits from 19 university
partnerships and offices across the Midlands, the North of England
and Scotland providing it with access to high quality, regional
deal flow. Mercia Technologies PLC is quoted on AIM with the epic
"MERC".
Mercia's 'Complete Capital Solution' initially nurtures
businesses via its third party funds (now with circa
GBP336.5million under management following recent mandate wins) and
then over time Mercia can provide further funding to its Emerging
Stars by deploying direct investment follow-on capital from its own
balance sheet. Since its IPO in December 2014, Mercia has invested
over GBP41.0million directly across its portfolio of 'Emerging
Stars'.
This information is provided by RNS
The company news service from the London Stock Exchange
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