Ingenious Audio secures investment and appoints former Optoscribe CCO Steve McMahon
Edinburgh audio technology company secures funding round and appoints new Director.
Scottish company Ingenious Audio has secured funding to expand their patented Wi-Fi Audio technology known as “Fi-Live™”.
A six-figure deal with participation from current shareholders, existing backers Kelvin Capital and Scottish Enterprise, will allow the organisation to broaden into a technology platform provider as well as a product company.
Fi-Live™ offers “better than Bluetooth” audio over WiFi, providing higher quality, longer range and much faster transmission, all while connecting to the standard Wi-Fi systems in PC’s, tablets and phones. This is ideal for live music applications like the guitar or microphone, time sensitive systems like TV speakers and gaming headphones and performance applications like VR, Hi-Fi speakers or headphones.
Joining the team to help lead the commercialisation of Fi-Live™ is Steve McMahon, with greater than 30 years experience in leading sales, marketing and product management activities in a wide variety of high tech companies around the world. Steve was recently instrumental in a trade sale of Scottish technology company Optoscribe to Intel
Ingenious Audio Chief Executive, John Crawford said “Steve brings the skillset and first-hand experience of generating demand in a very targeted manner which is critical to advance Fi-Live™ as we expand from being a product focused company in one niche to a broad technology provider”
Steve McMahon noted “In applications utilizing mobile phones, the removal of headphone and power connectors has made it increasingly difficult for musicians and other users to interact with these massively powerful and convenient devices. Moreover the developments in the next generation of Wi-Fi bring extensive data capabilities over huge physical areas facilitating future applications for real time audio streaming in a range of sectors including music, entertainment and communications”
John McNicol of Kelvin Capital commented “We are delighted to continue to support Ingenious Audio with both the funding and the introduction to industry expert Steve McMahon. This is a truly exciting time for the company as they work towards expanding the business in to both a technology provider and a product company” The Glasgow based investment syndicate, closed the first half of 2023 having concluded record investment of £7.8 million into its portfolio of Scottish technology companies.
The new funding allows Ingenious to secure new licensing partners for Jack and look at applying the core Fi-Live technology to new applications in Wireless TV speakers, Gaming and VR.
