Cambridge, UK Amino, which develops set top boxes, has successfully completed its fourth funding round raising £5 million and bringing the total investment in the company to £15 million.
The latest funding came primarily from existing shareholders, including financial institutions and trade partners, in addition to a number of new blue-chip venture capitalists. The investment will be used to strengthen the company's balance sheet and to increase its sales, marketing and customer support reach into North America and Asia-Pacific.
The strengthening of its balance sheet also enables Amino to meet the financial requirements to become an approved supplier to major telecoms companies worldwide. The company says it has a healthy order book for its range of low-cost Ethernet-based set-top boxes and gateways for the broadband and hospitality markets.
Stuart Darling, Amino's finance director, said, “The funding round went very smoothly with approximately half of the additional investment coming from existing shareholders and half from new blue-chip venture capitalists. Undoubtedly the main attraction for investors is that we have such a healthy order book, bookingUS$8 million in orders since June from a number of key reference customers throughout the Far East, North America and Europe.”