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£300k injection into LM Technologies


10th November 2008

The Mercia Technology Seed Fund (MTSF) and the Advantage Early Growth Fund (AEGF) have just completed an initial investment in LM Technologies Limited.
LM Technologies is an Edgbaston company founded by Mike Sims and Lee Parry to develop innovative wireless products including the world’s smallest Bluetooth adapter.
It already has a range of cutting edge data connectivity products utilising Bluetooth, Wi-Fi and mobile phone technology. The investment from Mercia Fund and AEGF will enable the Company to invest in its technical capability and accelerate the development of new products based on the very latest wireless technology.

As part of the investment package, Warren Mason, will join the company as Chairman. Warren previously purchased and turned around the fortunes of Total Home Entertainment before selling that company.

Tim Hazell of Mercia Fund, commented “we were excited by both the position of LM Technologies in one of the fastest growing technology sectors and by the ability and enthusiasm of Mike and Lee to build on their success to date.”

Kevin Caley of AEGF noted that “this is another example of how funding to support innovative businesses continues to remain available in the West Midlands for businesses with strong potential despite concerns over the economy.”

Mike Sims, Managing Director of LM Technologies, added “We are delighted to have received support from two venture capitalists, despite the current financial conditions. Not only will the funding provided enable us exploit more of the opportunities for our technology but the guidance from an experienced entrepreneur such as Warren Mason will be invaluable as we grow the business.”
end

Notes To Editors
About Mercia Technology Seed Fund (MTSF)
The Mercia Technology Seed Fund is a £12.8 million seed fund which invests in opportunities that are post proof of concept, often pre-revenue, but with demonstrable commercial interest in the technology under development. The fund makes investments typically between £50,000 and £250,000 with the potential to invest up to £750,000. The Fund is managed by experienced fund manager WM Enterprise*.

For more information contact Tim Hazell
Mercia Technology Seed Fund
31-34 Waterloo Street
Birmingham B2 5TJ
Tel: 0121 236 8855
Fax: 0121 233 3942
Email: timh@merciafund.co.uk
For more information go to www.merciafund.co.uk.
About Advantage Early Growth Fund

The £8m Advantage Early Growth Fund is a region-wide, venture capital co-investment fund set up with UK Government capital to assist early stage, West Midlands based, businesses with growth potential. It matches risk capital provided by business angels or other private sector investors on the same terms.
For more information contact Kevin Caley:

The Advantage Early Growth Fund
PO Box 11679,
Tamworth.
B78 2YD
www.aegf.co.uk/
Mob: 07710 131458
kevin@aegf.co.uk

Further Information on LM Technology Ltd

Mike Sims or Lee Parry
LM Technologies Ltd
66-68 Hagley Road
Birmingham B16 8PF
United Kingdom

Tel: 08700 662740
Fax: 08701 127636


Publisher Contact Information:

Mercia Technology Seed Fund
timh@merciafund.co.uk
+44 121 236 8855

Company profile of LM Technologies
Past press releases of LM Technologies.

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