Smartphone protector P2i gets £10m funding

Oxfordshire-based P2i, which develops liquid repellent materials used in smartphones, has received a £10m in venture funding from Clydesdale and Yorkshire Bank’s Growth Finance team.

Liquid damage is the second most common type of phone damage, behind smashed screens. P2i develops water resistant nano-coating which are used to protect the electronic components in smartphones.

The firm said it will use the investment to fund a period of forecasted growth and expand the business specifically in Asia.

Ady Moores, group CEO, P2i, writes:

“As an internationally-focused business we are particularly looking to expand our presence in Asia, where we already have facilities in Shenzhen and Taipei. Today, nine out of the top ten handset manufacturers come from this part of the world, so it is particularly important that we are able to service this market properly and take advantage of the business opportunities opening up there right now.

P2i has seen revenues grow by 65% year on year. The firm already has 142 members of staff and 123 granted patents.