LM Technologies backed by two VCs
New wireless products company gets early-stage funding
LM Technologies has gained some early-stage funding from The Mercia Technology Seed Fund (MTSF) and the Advantage Early Growth Fund (AEGF).
The Birmingham-based company, founded by Mike Sims and Lee Parry, plans to develop, among other wireless products, the world's smallest Bluetooth adapter. The investment will allow it to enhance its technical capability and accelerate the development of new products based on the latest wireless technology, the company says. As part of the deal, Warren Mason, who had success turning around the fortunes of Total Home Entertainment, will join the company as its chairman. “We are delighted to have received support from two venture capitalists, despite the current financial conditions,” said managing director Mike Sims. “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.” © Crimson Business Ltd. 2008