A SCOTS tech firm has breezed past its initial target following completion of its latest funding round.
Pufferfish, which uses its spherical displays to create immersive solutions has exceeded its £600,000 target in the latest round of funding.
The company has now said it will use the funding to expedite its growth plans as it continues to lead in the market for interactive, multi-sensory and immersive spherical display experiences.
The bulk of the funding was secured from existing investors, including Scottish Enterprise and Par Equity, with additional funding coming from a small group of new private investors.
Elaine Van Der Berg, Chief Executive at Pufferfish, said: “The majority of the top ten biggest companies in the world [utilise] our innovative range of market leading products and services.
“We now have the investment needed to capitalise on new opportunities and transform our increasing momentum into scale.”
As the Covid-19 pandemic lessens, and with events returning with renewed energy, Pufferfish say the growing market presents significant opportunities for the company.
Pufferfish’s display systems deliver interactive engagement and multi-sensory experiences for a range of uses and settings, including corporate communications, museums, art exhibitions and other visitor attractions, as well as educational institutions.
The Edinburgh-based tech firm says it will use the fresh injection of capital to maximise commercial opportunities, particularly in supporting its Go To Market activities, product innovation and new product launches.
The company is in the process of launching upgraded versions of two of its core products, PufferSphere and PufferTouch, which feature sharper images and more powerful touch functionality, as well as three completely new products to be launched this year.
Elaine Van Der Berg continued: “The new products will go ‘deeper’ than we’ve ever seen before in terms of driving interaction and engagement.
“They will provide an unparalleled and more personal one-to-one experience for users, offer a greater ‘wow’ factor through size and scale, and allow users to step into another world created by immersive technology.
“We have the latest funding now secured and the beginnings of a new leadership team at the helm.
“Pufferfish is primed and ready to continue to bolster its position as the market-leading end-to-end provider of spherical interactive displays and services.”
Andrew Castell, partner at investors Par Equity, commented: “Pufferfish endured first the Covid pandemic and then the ensuing disruption to global supply chains.
“That it has survived is a testament to its people, the strong appeal that its products have to its blue-chip customer base and to some very hard work from the new executive team.
“With the support of its investors, the company can now face the future with confidence.”
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, said: “It’s great to see Pufferfish emerging better than ever following the pandemic.
“They’re on track for strong growth and our investment will help support the new management team as they exploit additional market opportunities and bring their technology to clients across the world.”
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