ABERDEEN, Scotland -- Axeon Limited, a company that has chosen to focus on automotive applications for its neural networking hardware core called Vindax, has secured £1.8 million (about $2.8 million) additional funds to bring the total invested in the company to £8.8 million (about $13.8 million).
The company said Monday (September 1, 2003) that the investment would help it expand its sales operations in North America and Europe.
The financing round includes two new institutional investors, Aberdeen Murray Johnstone Private Equity (AMJPE) a division of Aberdeen Asset Management, and 4th Level Ventures, a recently established Irish venture capital fund, the company said.
Axeon is currently focusing on the automotive market with applications in engine control and adaptive audio systems.
"The funding environment has been extremely tough for the last couple of years. We were able to get this funding round away because the shareholder base has supported us, and because we were able to provide new investors with good quality customer reference calls," said Hamish Grant, founder and chief executive officer of Axeon.
"This additional financing will enable us to strengthen 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," he said.
Early in 2002 Axeon was hopeful securing at least one major deal in the automotive market within 12 months (see February 4, 2002, story).
Grant declined to reveal customer names or whether the company had succeeded in achieving that major deal.
"We continue to make business progress," Grant said.
The VindAX chip, previously known as the Learning Processor, was manufactured in 0.6-micron manufacturing process technology back in 2000 (see November 8, 2000, story).