Gaming technology firm Tangentix receives £1.4m investment led by Finance Yorkshire
Investment will be used to expand range of titles provided by Sheffield-based video game download technology
Tangentix Ltd, a Sheffield-based provider of video games download and distribution technology, has received £1.4m in funding in a round led by Finance Yorkshire.
The firm, founded in 2009 at the University of Bradford, provides a new method of compressing 3D objects and sounds in order to offer digital content providers faster download speeds for video games sold online.
It claims its patented technology can reduce the file size of games by around a third.
Since launch the company has grown to employ 10 staff and is now established at the Electric Works site in Sheffield. It recently debuted its latest developments at the Game Developers Conference in San Francisco.
EU-backed seed capital fund Finance Yorkshire led the investment with £750,000 of funding from its Equity Linked and Seedcorn funds.
Other investors in the round included technology investors Rising Stars Growth Fund and Parkwalk Advisors.
The funding will be used to further market the company’s 3D compression technology to major publishers in order to roll out the technology in a wider range of popular titles.
Edward French, chief executive of Tangentix Ltd, said: “The funding marks a major milestone for Tangentix as we work to implement our compression technology in multiple AAA titles, and deploy a new concept for game discovery.
“We believe the growing size of games is a real challenge for publishers and gamers, and so we can now show the world what we’ve developed that addresses the problem, whilst also providing a great new way for gamers to discover new games.”
Damian Morris, of the Finance Yorkshire Equity Linked fund, added: “The global 3D video gaming market is huge and the technology Tangentix has developed represents a step change in downloading top quality 3D video games.
“The company is in a strong position to exploit the global demand to download games.”