Elonics secures additional $1.1m equity finance as markets develop

Tuesday, May 12th, 2009

As market demand increases for Elonics products, investors have contributed a further $1.1m to develop the sales and operational support infrastructure now required for its growing global customer base. The top-up investment comes from the same investor group involved in Elonics series A funding round for £2.5m ($5m) in February and June 2008. Key investors include Braveheart Investment Group, Scottish Venture Fund and a number of private investors.

David Srodzinski, Chief Executive of Elonics, said; “Early customer feed-back for our first product, the E4000 CMOS RF TV tuner device is very encouraging. In response to demand, we have just opened our first office in Taiwan to service the Greater China Region. With an experienced global team in place we are well-placed to capitalise on the growth of the RF markets. It is a privilege to have the continued support of our investors, especially in the current funding environment. Their commitment reflects the strong position Elonics is now in to go forward and grow.”

Elonics, founded in 2003, has achieved a breakthrough in RF tuner technology, solving the perennial problem of combining high performance with low power and cost. Elonics patented DigitalTune™ radio tuner chip technology platform, designed in CMOS, significantly improves signal path management and can be easily configured to support worldwide industry standards and frequencies for a wide number of applications. Elonics latest RF tuner, the E4000 focuses on mobile phone and home consumer electronics markets where DigitalTune™ is a key enabling technology for a new generation of TV receivers.

The market for flexible tuner chips for mobile devices and home consumer electronics is predicted to grow rapidly over the next few years. Elonics has a comprehensive patent portfolio and a growing product range in development that places the company in a strong position to capitalise on future developments in this fast evolving field.

Commenting , Geoffrey Thomson, Chief Executive of Braveheart said, “Elonics has a differentiating product in terms of cost, power and performance, and one which has real potential to satisfy market need. We are pleased to participate in this follow on round which will enable the company to further progress the E4000’s journey to market.”

About DigitalTune™

Elonics DigitalTune™ is a patent pending radio frequency architecture that enables the design of multi-band RF front ends using a single monolithic CMOS IC. The digitally programmable multi-band architecture is used in the E4000 tuner family to cover the complete spectrum from VHF 2 to L Band (76MHz to 1.70GHz) for mobile broadcast applications. DigitalTune™ is a universal architecture, and is capable of supporting other RF applications where re-configuration is highly desirable.

The direct conversion zero IF architecture is designed to save power and lower system cost. It eliminates the requirement for expensive and bulky external components such as SAW filters and RF baluns, yet offers extremely high performance. Elonics innovative DigitalTune™ architecture enables manufacturers to significantly improve upon today’s solutions offering support for multiple standards with a common re-configurable RF front end.