Mercia Asset Management (AIM:MERC) has committed to a further significant investment in Warwick Acoustics as part of a total funding round of £7.5 million, backing the electrostatic audio technology company through its first commercial automotive deployment.
The round follows Warwick Acoustics' technology being launched in the Range Rover SV Ultra, its first integration into a luxury production vehicle through a partnership with JLR.
Proceeds will fund the transition to new production facilities, separating scaled manufacturing from research and development operations, and support further recruitment.
On completion of the full £7.5 million round, Mercia, the AIM-listed regional private asset manager with more than £2 billion of assets under management, will hold a fully diluted stake of 26.2% in Warwick Acoustics.
Warwick Acoustics' patented electrostatic speakers are designed to deliver high-quality in-car audio through ultra-lightweight, energy-efficient systems, with applications in both automotive and personal audio markets.
"The successful delivery of its first OEM partnership with JLR demonstrates both the quality of its technology and the capability of the team to meet the exacting standards of the automotive sector," said Dr Mark Payton, chief executive of Mercia.
Completion of the full anticipated funding round is the next near-term milestone for the company.
