Minerva invests in broadband invention
Minerva, the University of Warwick Science Park’s network investor group, has invested £120,000 in Canada-based Genesis Technical Systems.
The business angel group has provided the funding for the development of Genesis’ hi-tech DSL Rings, which "dramatically increases" the speed of broadband internet.
The company’s new technology uses existing copper wire networks rather than replace them with expensive fibre optic cables.
Genesis, which currently operates from Coventry University Business Park, said it plans to move its UK operation to the University of Warwick Science Park’s Venture Centre in Sir William Lyons Road.
Minerva’s investment will be used to develop existing products and progress trials with European telecommunications companies.
Genesis said that it is “already in talks” with two major telecommunications firms in the UK regarding potential deals with the product.
Ian Mackenzie, Genesis UK chairman, said: “Genesis is thrilled to receive support and investment from the Minerva business angel network.
“Following recent successful demonstrations of Genesis’ DSL Rings capabilities with two incumbent European telecoms providers, we want to accelerate product development and give web users the option for super-fast broadband in rural, and urban, areas within the next couple of years.”
In the past 12 months the Minerva investor group has grown to include 42 members and has helped to secure investment of over £2.7m for small to medium sized companies - £400,000 of which was directly contributed by its members.
