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Fishing for Glory - Casient's 'Shoal' technology gets GEIF and GEIFV support
14 June 2004
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GEIFV matches angel investment
14 June 2004 – When Cambridge-based Casient, the creator of state-of-the art wireless mesh-networking technology (Shoal), came to a Great Eastern Investment Forum angel network presentation day hoping to attract seed funding, its management team were delighted with the support and encouragement they received, both from the GEIF team and the GEIF business angels.
They were even more satisfied to see the angel funding matched by a £90,000 investment by GEIF Ventures Early Growth Fund, a £5 million fund established to co-invest with GEIF angels.
‘We are encouraged by the confidence our investors have shown in what is still a difficult funding climate’ said John Conaghan, CEO of Casient. ‘It reflects well on the strength of Casient’s proposition, which is already receiving support from many industry leaders, and will allow us to reach our goal of signing our first supplier agreements with potential customers this year.’
’It is encouraging to see the consultancy spin-out model that fuelled Cambridge phenomenon for many years to keep working, and I am pleased to have Sentec as our partner in this company’ says Max Bautin, who manages GEIF Ventures. ‘Casient, our ninth investment, will have valuable technical and commercial input from its ‘alma mater’ over the years to come which will undoubtedly contribute to the success of the business.’
Cambridge office of Mills & Reeve acted as GEIFV’s legal advisers on the transaction.
Further enquiries:
Max Bautin
GEIF Ventures Ltd
max.bautin@geifventures.co.uk
John Canaghan
Casient Limited
Tel. 01223 556888
Notes to Editors:
Great Eastern Investment Forum
www.geif.co.uk
GEIF is a leading UK business angels network strategically based
in Cambridge. It is the fundamental link between early stage companies
and business angels seeking quality investment opportunities. GEIF
introductions, through regular company presentations and breakfast
meetings, provide a secure and confidential business environment.
GEIF website brings members all the latest investment opportunities
and other relevant news. Since GEIF was launched in 1995, its members
have helped over 150 early stage companies to raise in excess of £20
million of investment and to strengthen their teams with invaluable
management skills. Membership of GEIF includes private investors,
corporate investors, venture capitalists and corporate advisers.
Small Business Service www.sbs.gov.uk
The Small Business Service (SBS) is an agency of the Department
of Trade and Industry (DTI). It is dedicated to championing the
interests of small business, with our work extending across Government.
The SBS's purpose is to build an enterprise society in which all
small businesses thrive and achieve their potential. The SBS vision
is that, by 2005, the UK should be the best place in the world to
set up and run a business and our aims are to:
- help all small businesses realise their potential,
especially by minimising the burden of regulation;
- promote world class business support services
to enhance the performance of small businesses;
- promote enterprise across society and particularly
in under-represented and disadvantaged groups; and
- achieve the highest standards of service delivery
and provide value for money.
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