Waveblade Limited, the Dumbarton-based company which makes groundbreaking submersible power tools, has raised £610,000 in a second round of funding as it continues its global expansion and diversification into new sectors.
The company, which has been advised in both funding rounds by law firm Harper Macleod, has now raised more than £1.1 million investment from Glasgow-based business syndicate Kelvin Capital and the Scottish Investment Bank, a division of Scottish Enterprise, since September 2012.
Part of the new funding has been ringfenced to help finance a trial project with one of the major oil and gas companies to test Waveblade products on subsea pipes.
Steve Smith, CEO of Waveblade, said: "In the past year we have seen remarkable interest and there is incredible global potential for our unique products in a whole range of commercial sectors.
"It is fantastic to see our ambitious plans backed to the hilt by our investors at Kelvin Capital and the Scottish Investment Bank. We couldn't have come this far without their unstinting support and financial backing, along with the first-class assistance of our professional advisers at Harper Macleod, who have shown a remarkable understanding of our business and the challenges we face."
The earlier round of funding, which raised £550,000, enabled the company develop its product range as it moved from the recreational boating sector into the global commercial marine sector.
Harper Macleod Partner Paula Skinner, who specialises in advising start-up and high-growth companies, said: "The company has advanced so much is a short space of time and it has been exciting to play a part in its success story. This deal just shows that in Scotland there is an appetite to invest in innovative, high-growth companies and it is often a case of bringing these businesses together with the right investors."
Designed for the marine sector and based on a patented wave technology, Waveblade is the world's first submersible handheld power tool to remove fouling and growth from boats and other submerged surfaces.
The technology behind Waveblade was invented by Ayrshire-based architect Hugh Fisher, who developed the patented harmonic technology which vibrates all types of growth from underwater surfaces.
Jim Hall, co-founder of Kelvin Capital which specialises in early stage investment into Scottish innovations, said: "We are delighted to continue our support for a truly innovative Scottish company which has the potential to do extremely well in a lucrative global marketplace. Waveblade has continued to generate significant interest since our initial investment and it is critical that it is allowed to fulfil its high-growth potential."
Kerry Sharp of the Scottish Investment Bank said: "Waveblade is a very ambitious young company with huge potential in international markets which makes it just the sort of company we're delighted to support."
For more information on Waveblade visit www.waveblade.com