In July 2008, ATEEDA completed a £750,000 investment led by Archangels Informal Investments and including the Scottish Co-Investment Fund to exploit market opportunities. This followed £500,000 backing from a consortium in February 2007 led by ATEEDA chairman, Peter Denyer which included the Scottish Seed Fund managed by Scottish Enterprise and the Synergy Fund managed by Scottish Equity Partners. ATEEDA was founded in 2006 to exploit technology previously developed with Scottish Enterprise's Proof of Concept funding.

About Archangel Informal Investments

Archangel Informal Investment is Scotland's leading Business Angel Syndicate. Originally formed in 1992 and based in Edinburgh, the syndicate now comprises around 100 investor members and invests c. £9m per year in early stage Scottish companies.

About Scottish Co-Investment Fund

The Scottish Co-investment Fund (SCF) is a £72 million equity investment fund established by Scottish Enterprise, partly funded by the European Regional Development Fund (ERDF), to invest from £100,000 to £1 million in company finance deals of up to £2 million. Unlike a standard venture capital (VC) fund or a business angel, the SCF does not find and negotiate investment deals on its own; instead it forms contractual partnerships with active VC fund managers, business angels and business angel syndicates from the private sector.

The private sector partner finds the opportunity, negotiates the terms of the deal and offers to invest their own equity cash. If the opportunity needs more money than the partner can provide, they can call on SCF to co-invest alongside on equal terms. The partner determines how much the SCF can invest in any new deal, however, the SCF cannot invest more than the private sector.

Scottish Enterprise

Scottish Enterprise is the main economic development agency for Scotland covering 93% of the population from Grampian to the Borders. The Scottish Enterprise Networks consists of Scottish Enterprise and 12 Local Enterprise Companies. Working in partnership with the private and public sectors, the Network aims to build better businesses, to develop the skills and knowledge of the Scottish people, and to encourage innovation to make Scottish business internationally competitive. Scottish Enterprise administers a Proof of Concept Programme designed to improve the level and quality of commercialisation within Scotland's universities, research institutes and NHS boards. Scottish Enterprise Glasgow has supported the Technology Talent Initiative, which is also supported by the European Regional Development Fund.

Synergy Fund

Synergy Fund, a University Challenge Fund managed by Scottish Equity Partners (SEP), a leading UK venture capital group, has funds under management of more than £300 million, backed by leading UK and European institutional investors. It operates from offices in London and Glasgow. SEP has three specialist investment teams dedicated to information technology, healthcare and life sciences; and energy-related technology. It invests in both early stage and emerging growth companies and typically invests from £500,000 up to £5 million or more in financings of up to £30 million in early stage and growing companies. The company leads or co-leads in the majority of funding rounds. SEP acts as fund manager for the Synergy Fund, a University Challenge Fund backed by the Universities of Glasgow and Strathclyde and the DTI's Office of Science and Technology.