RCS - EMV Capital PLC - Sofant Technologies: Fundraising

EMV CapitalAnnouncement

23/12/2025 07:00

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RNS Number : 5619M  EMV Capital PLC  23 December 2025

For release on Reach: 07.00, 23 December 2025

 

EMV Capital plc

(EMVC or Group)

Sofant Technologies: Fundraising

EMV Capital plc (AIM: EMVC), the deep tech and life sciences VC investment
group, is pleased to announce that its portfolio company, Sofant Technologies
Ltd (Sofant), the Edinburgh-based developer of low-power RF MEMS beamforming
solutions for satellite communications, has successfully closed a c.£6.25
million equity fundraising (Fundraising). A business update on Sofant also
follows.

Fundraising

This is a seminal funding round for Sofant, as the company transitions from
multi-year R&D into a commercial launch and production.

The Fundraising was led and syndicated by EMV Capital Partners Limited
(EMVCP), the Group's wholly owned venture capital and corporate finance firm.
EMVCP played a central role in structuring the round, anchoring it with
c.£0.75 million of new equity investment, managing loan conversions and
aligning all major stakeholders. The round includes significant participation
by Scottish Enterprise, the National Security Strategic Investment Fund and
other investors. The Fundraising comprises of c.£1.1 million of new equity
investment together with the conversion of approximately £4.7 million of
existing loans and accrued interest under convertible loan agreements and
approximately £430,000 of advance subscriptions. As part of the transaction,
a portion of fees owed to EMVCP were converted into equity, further increasing
the Group's direct stake.

Proceeds from the Fundraising will support the scaling of Sofant's operations,
final qualification of its first commercial products, and preparation for
early customer deployments in satellite communications, defence and advanced
wireless markets.

Following completion of the Fundraising, the Group's fully diluted equity
holding in Sofant is 1.2 per cent, which equates to a post-investment fair
value of c.£0.6 million. This represents a c.9.3 per cent. increase compared
to the fair value amount of £0.5 million at 30 June 2025.

In addition, following the introduction of investors to Sofant by EMVCP, the
Group's third party assets under management with Sofant will represent 27.0
per cent. of the fully diluted share capital, which equates to a
post-investment fair value of c.£13.0 million. This represents a c.10.5 per
cent. increase compared to the fair value amount of £11.8 million at 30 June
2025.

The above percentage holdings are based on fully diluted share capital
excluding convertible loan arrangements.

Business update

The Fundraising follows a period of strong technical and commercial momentum
for Sofant. In October 2025, the company achieved a major industry
breakthrough by successfully demonstrating the world's first fully functioning
Ka-band transmit array using its proprietary RF MEMS beamforming IC. This
milestone showcased Sofant's ability to achieve the integration of its
proprietary technology into a complete transmit array, significantly reducing
power consumption, size and thermal demands compared with traditional
semiconductor-based systems.

Supported by programmes with the European Space Agency and UK Space Agency,
Sofant has advanced the development of its next-generation satellite
communication terminal, designed to provide users with high-speed, low-latency
satellite connectivity. The technology eliminates the need for complex cooling
systems which is a key barrier to scaling modern SatCom and defence platforms.

To support the transition to a scale-up company, Sofant recently appointed
Will Whitehorn OBE as Chair, who brings extensive experience in aerospace,
satellite communications and commercial scaling. His appointment reflects the
company's shift toward international expansion.

David Wither, CEO of Sofant Technologies, commented:

"We are pleased to have secured this significant investment from our existing
shareholder base, and to welcome NSSIF as a new strategic shareholder. This
support is a testament to the disruptive potential of Sofant's technology and
the remarkable progress our team has made in recent months. With this
additional capital, we are positioned to accelerate our commercial deployment
and redefine what is possible in wireless communications.

"EMVC has supported Sofant through several phases of development, and we would
like to thank them for leading this round and for their continued support and
guidance, along with our wider shareholder base."

Dr Ilian Iliev, CEO of EMV Capital and Sofant Investor Director, added:

"EMV Capital's anchoring of this pivotal funding round reflects our continued
confidence in Sofant's breakthrough low-power RF MEMS technology, which we
believe represents a step-change in the architecture of next-generation
wireless systems, with the potential to reshape products across defence,
aerospace, satellite communications and high-performance enterprise markets.

"This investment fits closely with our investment thesis of providing decisive
hands-on support at key value inflection points of our portfolio companies,
and to help attract strategic finance.

"We look forward to working closely with the Sofant team as they scale into
global markets and unlock the significant value we believe this technology can
create."

 

-Ends-

 

 For more information, please contact:
 EMV Capital plc                                                             via Rosewood
 Ilian Iliev, CEO

 Panmure Liberum (UK) Limited (NOMAD and Broker)                             +44 (0)20 7886 2500
 Emma Earl / Will Goode / Freddy Crossley / Mark Rogers (Corporate Finance)
 Rupert Dearden (Corporate Broking)

 Rosewood (Financial PR)                                                     +44 (0)20 7653 8702
 John West / Llewellyn Angus / Lily Pearce

 

About EMV Capital plc (EMVC)

EMV Capital plc, is a deep tech and life sciences venture capital investment
group with an international portfolio of high-growth companies.

With a strategic focus on generating superior returns for investors from the
fast-growing sectors and technologies that will define our future; EMV Capital
invests in, manages and strengthens early-stage IP-rich companies.

EMV Capital holds both direct equity stakes and carried interest in its
portfolio companies, creating an evergreen structure that supports extensive
growth and value creation. EMV Capital's investment thesis is realised through
these capital sources:

·     capital-efficient investments through Group balance sheet;

·     fund management of the Evergreen EIS and Martlet Capital Funds;

·     syndicated investments leveraging its network of third-party
investors.

EMV Capital's approach is characterised by its proactive management style,
aiming to advance portfolio companies to critical value inflection points by
actively engaging with them. Companies are supported through Board
representation and the use of its Value Creation Services practice.

Headquartered in London, with a Cambridge presence and strong international
links, EMV Capital is quoted on the AIM market of the London Stock Exchange.

For more information, visit www.emvcapital.com (http://www.emvcapital.com)

About Sofant Technologies

Sofant Technologies is a cutting-edge radio technology company based in
Edinburgh, Scotland. Leveraging proprietary RF MEMS technology, Sofant
develops ultra-low-power, low-cost platforms that solve critical power and
heat challenges in satellite communications and 5G/6G antenna systems.
Operating under a fabless semiconductor model, Sofant uses established
high-volume, low-cost production methods to deliver game-changing performance
at competitive prices.

The company is supported by leading investors including Scottish Enterprise,
EMV Capital, Kelvin Capital, Caladan Capital, NSSIF, the UK Space Agency, and
the European Space Agency.

For more information, visit www.sofant.com (http://www.sofant.com)

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