Member Article

Waterproofing firm whose tech has coated 175m smartphones has received £10m funding

UK tech firm P2i, which has developed liquid repellant technology for smartphones, has received a £10m funding package as it looks to entrench its position as a world leader in the sector.

The company, which has offices in Oxfordshire, Georgia and Shenzhen, has already worked with manufacturers to liquid proof 175m of the world’s smartphones using its nano-coating solution and entered profitability last year.

Now the business has received a £10m funding package from the growth finance team at Clydesdale and Yorkshire Bank which will fund its continued growth and support the business’ expansion.

P2i currently employs 142 members of staff across its global network of offices and has 123 granted patents.

Ady Moores, who is Group CEO at P2i, commented: “This significant funding is a continuation of our long-standing relationship with Clydesdale Bank. As an internationally-focused business we are particularly looking to expand our presence in Asia, where we already have facilities in Shenzhen and Taipei.

“Today, nine out of the top ten handset manufacturers come from this part of the world, so it is particularly important that we are able to service this market properly and take advantage of the business opportunities opening up there right now.”

Steve Clark, Senior Director Growth Finance at Clydesdale and Yorkshire Bank, added: “It is a fantastic opportunity and an absolute pleasure to be able to fund such an innovative company.

“P2i are stretching the boundaries of the British technology scene and we are thrilled to help them with their journey. We look forward to working with them as they continue to grow.”

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