A university spin-out company that is developing a highly accurate fingerprint identification technology has raised £15,000 from business angel investors.

Warwick Warp Ltd., a spin-out company from Warwick University that is developing its new technology for use in personal ID cards, passports and access control systems, secured its funding with assistance from Oxford Early Investments (OEI), a business angel investment network that helps innovative companies at the early stages of commercial development raise investment capital.

The company said it intends to use its new capital for the development of the first prototype. “OEI provided an excellent platform for us to not only raise investment funds but also build up a close relationship with investors, both of which are crucial to the success of our business,” said Li Wang, chief technology officer of Warwick Warp.

OEI has now secured a total of £473,000 for similar developing companies over the past 18 months, it said. Its recent fundraising was held jointly with Warwick Ventures, the technology transfer office of Warwick University.

“Warwick Warp is an exciting new company, and OEI helped us raise the small amount of vital funding needed in record time,” said Ederyn Williams, director of Warwick Ventures.

OEI also announced that H2O Venture Partners has agreed to sponsor its network. H2O Venture Partners is a new investment company developing very early stage technology opportunities from universities, research organisations and existing companies.

© Crimson Business Ltd. 2006