Martlet, the corporate angel unit of UK-based industrial group Marshall, has made its first deal by joining a consortium investing £8m ($12.8m) in Neul, a local machine-to-machine communications company for televisions.
Alongside Martlet in the seed round were individuals investor network Cambridge Angels and venture capital firms DFJ Esprit and IQ Capital. The founders and employees have also made a significant financial contribution, the company said.
The money will help underpin several wireless data trials already underway, including the trial announced on 27 June by the ‘Cambridge Consortium’ of the BBC, BSkyB, BT, Cambridge Consultants, Microsoft, Neul, Nokia, Samsung, Spectrum Bridge and TTP, looking at how unused TV spectrum – TV white spaces – could help satisfy the escalating demand for wireless internet connectivity.
Neul, which is from the Gaelic word for "cloud", said it would shortly launch a standard called Weightless for this connectivity having released its first product, NeulNET (pictured), last month.
Peter Cowley, investment director of the £5m Martlet fund launched earlier this year, said: "This is the first investment of the newly formed division of Marshall of Cambridge and we are very excited by the prospect of helping a great team in what will be a market, with explosive growth potential."
He said another four deals could close shortly for Martlet.
Simon Cook, chief executive of DFJ Esprit, said: "Having worked with the founders in their last venture [Cambridge Silicon Radio, a UK-listed chip company], I am excited to be working again with the team that have pioneered game changing wireless technology in Europe."
Phil O’Donovan of the Cambridge Angels and lead angel for the angel group, added: "We also are delighted to invest in this significant new global wireless opportunity being enabled by the very well positioned Neul team."