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Amino raises £2.24m to fund big growth in Sales


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Amino raises £2.24m to fund big growth in sales

Set-top box designer and manufacturer Amino Communications has raised £2.24 million to fund growth.

Stuart Darling, finance director, said: "Amino has had significant success with its set-top boxes which are currently being trialled with over 80 companies around the world.
"This new funding provides us with the working capital and balance sheet strength necessary to fund substantial sales growth with customers across the world."

At the end of last year the company, which is based at Longstanton, launched the first product in a new series of small, low-cost set-top boxes currently being trialled by major vendors such as Ericsson.

Asked how Amino had managed to be successful in a market where other, much large firms are floundering, Mr Darling said: "We are a small company and therefore have significantly lower overheads and a low-cost design box that is very price competitive, in fact it is the lowest cost box on the market, and that includes the Far East."

The box allows the reception of television and video over the internet.

Asked also whether the company had got the amount of new funding it needed, Mr Darling said:
"We got more than we wanted. Obviously, shareholders think we are a good proposition, but we were very fortunate to get the funding away given that the markets are pretty terrible at the moment. It took us about five months."

Amino was founded in 1997 by Martin Gilbert.

Reproduced by permission
Copyright Business Weekly


27/03/2003