Having exceeded its £600,000 funding goal, Pufferfish will use the fresh investment to “capitalise on new opportunities” as it looks to lead the market for multi-sensory spherical displays. The bulk of the funding was secured from existing investors, including Scottish Enterprise and Par Equity, with additional funding coming from a small group of new private investors.
Elaine Van Der Berg, chief executive at Pufferfish, said: “We have a client list that reads like a who’s who of global brands, with the majority of the top ten biggest companies in the world utilising our innovative range of market leading products and services. We now have the investment needed to capitalise on new opportunities and transform our increasing momentum into scale.”
The firm’s display systems deliver “highly interactive engagement and multi-sensory experiences” for a range of uses and settings, including corporate communications, museums, science centres, planetariums, art exhibitions and other visitor attractions, as well as scientific and educational institutions. The display can also integrate with other tech systems to translate complicated data into “powerful immersive experiences”, the company said. Bosses pointed to significant opportunities for the company as events return to a more normal pattern following the pandemic.
The firm said: “As the Covid-19 pandemic lessens, and with events returning with renewed energy, the growing market presents significant opportunities for Pufferfish. The current climate allows the company to target the market with its innovative technology, which delivers highly engaging experiences combining sound, vision, data and touch. This puts users at the centre of a digital experience, rather than just being an observer.”
The company said it was in the process of launching upgraded versions of two of its core products, PufferSphere and PufferTouch, which feature even sharper images and more powerful touch functionality.
Van Der Berg added: “The new products will go ‘deeper’ than we’ve ever seen before in terms of driving interaction and engagement. They will provide an unparalleled and more personal one-to-one experience for users, offer a greater ‘wow’ factor through size and scale, and allow users to step into another world created by immersive technology. We have the latest funding now secured and the beginnings of a new leadership team at the helm.”
Par Equity partner Andrew Castell said: “Pufferfish endured first the pandemic, which hit its core markets very hard, and then the ensuing disruption to global supply chains. That it has survived is a testament to its people, the strong appeal that its products have to its blue-chip customer base and to some very hard work from the new executive team.”
Kerry Sharp, director of entrepreneurship and investment at Scottish Enterprise, added: “It’s great to see Pufferfish emerging better than ever following the pandemic. They’re on track for strong growth and our investment will help support the new management team as they exploit additional market opportunities and bring their technology to clients across the world, including some exciting new products in the pipeline.”