A pioneering software company looking to expand its commercial centre in Middlesbrough has secured an investment of £700,000 from Northstar Ventures’ North East Accelerator Fund and a syndicate of High Net Worth Investors represented by Roland Tate of Tiger Corporate Finance.
amBX has developed an innovative technology that dramatically enhances the colour, excitement, visual impact and sense of immersion from audio and visual sources, and will use this round of investment to develop its sales team, currently based at the Boho One building in the heart of Teesside’s digital technology quarter.
The company’s software has applications in a broad range of markets, including movies, video gaming and lighting control. In the lighting market, the amBX technology uses real time audio and video feeds to enable LED lights to dynamically reflect the content from the screen or speakers, dramatically enhancing the consumer’s experience.
amBX’s expertise in lighting control has been recognised by short break experts, Center Parcs. The latest luxury accommodation at their Sherwood Forest holiday village now includes a state-of-the-art games room, featuring game consoles and plasma TVs with amBX-lighting, which react to whatever is showing on the screen. Much like the Centre Parcs’ experience, the amBX technology used in these expertly-designed retreats offers high-tech luxury and creates memorable moments for consumers.
In the gaming arena, amBX’s technology is enabling gamers to enjoy a more immersive experience by incorporating dynamic real world effects such as light and colour. ‘Cyborg Gaming Lights,’ developed by Mad Catz Interactive, is a shining example of how amBX-enabled products can provide the gamer with a more interactive experience. By reacting to in-game amBX commands, Cyborg Gaming Lights shower the user in up to 16 million colours, providing an atmospheric and highly realistic gaming environment.
Alasdair Greig, Investment Director at Northstar says, “amBX is an exciting company with a fantastic team behind it and we are delighted to invest in their future growth plans through the Accelerator Fund. This investment will help amBX take its ground breaking products to a wider audience and realise its commercial potential.”
The Finance for Business North East Accelerator Fund is backed by One North East, the European Regional Development Fund and the European Investment Bank.
Roland Tate, who represents the High Net Worth Investors said, “Two experienced CEOs in the syndicate have joined the amBX board and we are working well with the management team to try and launch the product in the Far East in 2011. The deal was structured to give the HNWI syndicate investors tax relief on their entire investment, and we are committed to adding real value for all shareholders in the future.”
This syndicate of HNWI is the largest and most powerful to be assembled by Tiger Corporate Finance.
amBX’s management team, led by Neil MacDonald, hopes to make the company’s technology synonymous with high-quality, immersive entertainment experience.
Neil MacDonald said, “I am delighted to have the support of Northstar Ventures and the other investors who have seen the real potential in the amBX business model and share the vision and excitement of the management team. We can now get on with the job of building the business rapidly.”