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Press releases — 19 March 2004

Peratech raises £700,000 for revolutionary switch and sensor technology

Peratech Ltd, a Darlington-based company that has developed revolutionary new switch and sensor components for use in a vast range of industrial products, has raised £700,000 with the help of Oxfordshire Investment Opportunity Network, Europe’s leading business angel network, Capital North East, Westgate Hall and the company’s existing investors. Peratech’s Quantum Tunnelling Composites (QTCs) have the unique ability to change from insulators to conductors of electricity when pressed, twisted or stretched. The patented technology can be used in switches that greatly improve the user’s control of electrical devices including mobile phones, drills and food blenders, as well as in sensors for cars, washing machines, robots and space applications.

Andy McLeod, Chief Executive of Peratech, said:

“We are delighted to have raised the finance that will enable Peratech to move on from its development phase to volume manufacturing. We already make direct sales of high value products and our clients include NASA, where our QTCs are used in robotics applications. This funding will allow us to expand our international distribution network for our new volume products

“Electrical switches are a ubiquitous part of our lives and most use metal contacts that corrode or cause sparks, raising costs and causing safety problems. Our QTCs enable new types of switch design that are safer and more cost-effective, with substantial environmental benefits. QTC components can be used to create switches that can be progressively turned on, so people can dim lamps, scroll text messages or control the speed of a drill using much simpler electronics and allowing greater flexibility in ergonomic design. We have also developed QTC Force Sensors which typically might be used to warn users when a car window or washing machine door is not properly closed, and QTC Cable for security applications, such as protecting users from dangerous machinery, or in loading applications, such as monitoring pallet loading.”

Mr McLeod praised Oxfordshire Investment Opportunity Network (OION):

“The investors that we attracted through the OION Network brought us much more than the finance we needed. They are very experienced and take a strong interest in the success of our business. They have supplied a valuable combination of finance, expertise and business contacts that should really help Peratech to develop.”

Alastair Cavanagh, Manager of OION, said:

“Oxfordshire Investment Opportunity Network (OION) brokers deals for companies based across the UK. In the case of Peratech the OION Network was delighted to be able to support the development of an innovative Darlington-based company, and invest alongside a major north east fund.”

Press Release Ends

NOTES FOR EDITORS

Press enquiries to: Margaret Henry, OION PR Manager.
Tel: +44 (0)1865 811199  E-mail: Margaret Henry

  1. ABOUT OXFORDSHIRE INVESTMENT OPPORTUNITY NETWORK (OION) www.oion.co.uk

    Oxfordshire Investment Opportunity Network is Europe’s most successful technology business angel network that links investors with entrepreneurs seeking business development funds from £150,000 to £2m. OION holds monthly meetings where selected companies can pitch their proposals to OION’s members, which include over 150 active business angels, VCTs and venture capitalists.

    Many of these companies are university spin-outs and OION is uniquely positioned to help them. OION holds regular joint presentation meetings, and has strong links with, universities with a reputation for spinning out quality technology companies such as, Warwick, Oxford, Bristol, University College London and Imperial College London.

    OION is managed by Oxford Innovation Ltd (www.oxin.co.uk), the UK’s leading operator of innovation centre premises for start-up companies, and sponsored by HSBC, Grant Thornton, Laytons, Frank B Dehn & Co, NESTA and Business Link.

  2. PERATECH LTD

    Press enquiries to: Andy McLeod, Chief Executive.
    Tel: +44 (0)1325 353366 Mobile: +44 (0)7950 048745 Email: andy.mcleod@peratech.co.uk
    Website: www.peratech.co.uk

    Peratech Ltd was formed in 1996 to exploit its unique Quantum Tunnelling Composite Technology (QTC) and currently employs 11 staff. Peratech’s early years were spent investigating the repeatable manufacture of QTCs and categorising and quantifying their performance. This resulted in the filing of worldwide patents for QTCs in several forms and this portfolio continues to be strengthened.

    The company works closely with a permanent research group in Durham University that continues to develop and advance the science of QTCs.

    Peratech has won three prestigious Government SMART Awards.