Sub10 Systems, a Newton Abbot, Devon, UK-based specialist designer, developer and vendor of millimeter wave wireless solutions for mobile telecoms, received a £2.5m investment from Business Growth Fund.
The company intends to use the capital to invest in R&D, recruit additional staff, and increase sales and marketing efforts.
Formed in 2010 by Stuart Broome, CEO, Sub10 provides high speed wireless devices for data transfer across mobile networks to telecommunications companies and large network operators.
The company, which currently employs 37 people, is forecast to deliver FY14 revenues of c.£10m. It exports 90% of its products and currently the majority of its sales are to operators in Eastern Europe, Russia and Turkey with the remainder to the UK and Ireland.
In addition to the investment, Business Growth Fund introduced Richard Atkins to the business as Non-Executive Chairman. Atkins has IT and telecoms experience.