Warwick Warp, a spin-out company from Warwick University developing a fingerprint ID technology, has won funding from business angel investment network Oxford Early Investments to develop its first prototype.
The Warwick Warp deal is one of several that the OEI Network has brokered for developing companies during the past 18 months, raising a total of £473,000.
Warwick Warp raised £15,000 from two of OEI's business angel investor members at a recent OEI investment meeting held jointly with Warwick Ventures, the technology transfer office of Warwick-University. The company will use the new capital for the development of the first prototype.
Li Wang, chief technology officer of Warwick Warp, said: "OEI provided an excellent platform for us to not only raise investment funds but also build up a close relationship with investors, both of which are crucial to the success of our business."
Ederyn Williams, director of Warwick Ventures, added: "We are delighted.
"Warwick Warp is an exciting new company, and OEI helped us raise the small amount of vital funding needed in record time."
Joanna Sobek, manager of Oxford Early Investments, said: "OEI was set up to meet investor demand for very early stage investment opportunities, and to help companies that need small but crucial sums to develop their product beyond an initial 'proof of concept' - often the most difficult stage of company growth to fund.
"The network has now established a track record for filling this gap in the market."