Midlands capital fund Catapult Venture Managers has completed its third transaction in two months, investing in a Cambridge firm that is working on new wireless aerial technology.

Catapult invested in Zinwave alongside existing supporters Scottish Equity Partners, Atlas Venture and SEB Venture Capital. It has also put up telecommunications expert Geoff Finch as a non-executive director of the firm.

Jonathan Earl, an investment director with Catapult, said the funding would help Zinwave to increase its output to meet the increased demand and potential of the US and Asian markets, as well as looking to gain a foothold in the Middle East.

He said: "The Zinwave technology facilitates a single system solution for all wireless services. Modern building materials can significantly block radio signals from outside, but the IBW (in-building wireless) solution from Zinwave can ensure that reception is as good inside as outside a building.

"We believe Zinwave to be very well positioned in a rapidly growing market as a result of its unique wideband product.

"It has generated impressive sales traction, has its product installed on a number of prestigious reference sites and has recently secured a number of new sales channels.  Zinwave has a highly experienced and effective management and we are confident in their ability to deliver and manage significant further growth."

John Forrest, the chairman of Zinwave, added: "We expect growth to accelerate further throughout 2010/11, fuelled by the increasing importance of reliable emergency service communications in buildings, as well as uptake of emerging higher frequency technologies and services including 3G and 4G.

"This commitment from Catapult and our existing investors, will allow us to build on our sales success in US and Asia, accelerating our growth and reach in the market. In parallel with the investment, we are particularly excited that Geoff Finch, former board director at BT, will join the Zinwave Board as a non-executive director."

Catapult was advised on the deal by law firms Duncan James and Berryman. Zinwave’s legal advisor was Mark Satterly at Eversheds. Financial due diligence was carried out by Andrew Pearson of Waypoint Investors.