SWANSEA, Wales Enfis has completed a funding round that will enable the company to launch a range of new products based on its light emitting diode technology. The £900,000 investment including equity participation by Finance Wales will allow Enfis to expand operations at its Swansea headquarters, more than doubling the size of the workforce.
Shaun Oxenham, Enfis chief executive, said, “We’ve reached the point where there is an enormous market appetite for our LED applications. The investment will allow us to meet that demand. We believe this will be the first of many significant expansions in the years to come as our technology and products are adopted by end users around the world.”
Enfis develops and manufactures high power LED modules that are used in health and cosmetic applications including the treatment of dermatological conditions such as acne. The funding will enable the company to move into new product areas including the application of LED technology to dental treatment, the agri-food industry, niche lighting and non-destructive testing in critical environments such as aerospace.
The largest portion of the funding, a £400,000 private equity investment, has come from Finance Wales, the body set up to invest risk-capital in small and medium sized firms. A Regional Selective Assistance grant has also been provided by the Welsh Assembly Government with the remainder coming from new bank loan facilities and increased investment from Enfis’s existing shareholders.
Enfis has already received substantial backing from Wesley Clover Corporation, Sir Terry Matthews’ private investment vehicle. It was set up in 2001 and employs 11 staff which should grow to 25 following the completion of this latest funding round