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Aberdeen, UK - 1st
September 2003 - Axeon, a semiconductor intellectual
property company developing and marketing the VindAX® range
of products, has completed an additional £1.8 million
financing. The investment will assist the company
to expand its sales operations in Norht America and
Europe. This round of financing
includes two new institutional investors, Aberdeen
Murray Kohnstone Private Equity a division of
Aberdeen Asset Management, and 4th Level Ventures,
a recently established Irish venture capital fund.
AXEON's VindAX microprocessor
is an immensely powerful hardware implementation of
a neutral network, designed to provide cost-effective
solutions in complex, non-linear application areas.
One of the many advantages of the VindAX processor
is that it can be applied in a remarkably diverse range
of application areas. AXEON is currently focusing on
the automotive market with many customer applications
such as board diagnostics (OBD), misfire detection,
virtual sensors, electronic valve control systems and
adaptive audio controls.
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" This
additional financing will enable us to to stengthen
our sales and customer support capabilities in two
key markets, North America and Europe, and to build
our existing international offices in Detroit and
Frankfurt. During the last year we have seen a marked
increase in development work using AXEON technology
in the automotive industry as manufactures seek to
improve engine efficiency and meet stricter emissions
legislation. We now have the opportunity to consolidate
our technolgy lead in the market and grow the company
on a global basis," said Hamish Grant, CEO,
AXEON.
Judith
MacKenzie, Investment Manager, AMJPE, said
:"AXEON has proven
that it has both the technology and the management
expertise to take advantage of the growing
global marketplace for automotive electronics.
It is a
testament to the team that they have already
established momentum
in a very discerning market. We are attracted
to AXEON by the demonstrable benefits that
the technology
can bring, in the first instance to the automotive
market, and in the longer term to a wide variety
of applications and markets." Ronan Reid,
Director, 4th Level Ventures, said:
" We are delighted to have
this investment in AXEON. It represented and excellent
investment opportunity, combining a significant growth
story, strong management, access to university IP,
and working with established Scottish investors of
the highest reputation."
01/09/2003 |
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