Funding secures future growth for high-power LED module maker Enfis
Enfis Ltd, which develops and manufactures high-power LED modules, has completed a funding round worth around $1.67 million.
The GBP900,000 (US$1.67 million) investment - including equity participation by Finance Wales - will allow Enfis to significantly expand operations at its Swansea headquarters, more than doubling the size of the workforce to around 25 people.
Enfis is a leader in the development and manufacture of high-power LED modules, particularly for medical applications. Its devices are used in numerous health and cosmetic applications including the treatment of dermatological conditions such as acne.
The funding will enable the company to move into new product areas including the application of LED technology to dental treatment, the agri-food industry, niche lighting and non-destructive testing in critical environments such as aerospace.
"We've reached the point where there is an enormous market appetite for our LED applications," says Shaun Oxenham, Chief Executive of Enfis. "The investment will allow us to meet that demand. We believe this will be the first of many significant expansions in the years to come as our technology and products are adopted by end users around the world."
The largest portion of the funding, a GBP400,000 private equity investment, has come from Finance Wales, the body set up to invest risk-capital in small and medium sized firms. A Regional Selective Assistance grant has also been provided by the Welsh Assembly Government with the remainder of the financing coming from new bank loan facilities and increased investment from Enfis' existing shareholders.
Formed in May 2001 with help from the seed fund of the Sir Terence Mathews-owned venture capital organisation Wesley Clover Corporation, Enfis specialises in developing semiconductor-based light source modules and systems. Enfis aims to become the leading stand-alone supplier of specialised laser diode and LED solutions for healthcare, industrial and consumer applications.