EXCLUSIVE

By Gary McDonald, Business Editor Irish News 23rd February 2010

Belfast-based private equity firm Crescent Capital is planning a third multi-million pound venture capital fund to provide seed cash for Northern Ireland start-ups.

Its two previous funds – Hambro NI Ventures launched in 1995 and Crescent Capital II in 2004 – spawned dozens of flourishing companies and led to the creation of 1,200 jobs.

But the sums pumped in then – £14 million and £22.5 million respectively – will be eclipsed by Fund III, which Crescent fund managers claim will raise up to £60 million.

And it is also proposing an innovative model of cloning Fund II but running a private equity-focused fund in parallel.

Crescent says the pre-marketing phase to the third as yet un-named fund has already started, and its team is preparing to speak to institutional investors in America and Scandinavia, as well as Britain and Ireland, ahead of its proposed launch in early 2011.

Central to its plans will be securing a Europe-wide tender which Invest NI is launching in the spring.

“We’re hopefully the economic impact of our two previous funds will stands by us as we not only bid for the tender, but knock on doors all over the world to raise up to £60 million,” said Crescent Capital’s managing director Colin Walsh.

“We made 12 investments in the first fund, including in companies like Andor Technology, which now floated on the Alternative Investment Market.

“That fund is now wound up, with all investment sold or distributed and with returns to investments of more than 8 per cent.

“It had a significant economic impact, with more than 1,000 people employed at the 12 companies we supported.”

Mr Walsh added: “In the second fund, which raised £22.5 million, we’ve made 12 investments to date, with two more to come, and two profitable exits have already been made.”

Investors in Crescent Capital two included Invest NI (£7.5 million), the Northern Ireland Local Government Officers’ Superannuation Committee (£6 million) and the New York State Common Retirement Fund, the second biggest pension fund in the US.

Although its input of £3.75 million was a mere fraction of its £66 billion worth, it was significant in that its sole trustee is Alan Hevesi, a long-term critic of employment practices in Northern Ireland, but who saw the fund as representing “an excellent opportunity for a competitive return”.

Among the investments made by Crescent Capital II was in APT, which was bought for £1.5 million and sold last April for £5.7 million.

University of Ulster economist Michael Smyth carried out an economic impact study of that fund, which revealed that it has created or maintained 380 jobs so far (including 135 in four companies operating in TSN areas), mostly in high-skilled technology companies, and is contributing £28 million a year to the northern economy.

Colin Walsh says: “As venture capital fund managers we’re real, and we’ve established a track record we believe will see us successfully tender to deliver the next fund, which should focus on investment in companies operating in the IT, life sciences and other high-end sectors.”

A spokesman for Invest NI told the Irish News: “Subject to board approval, we intend to go out to tender in the next couple of months to select fund managers for two new funds – a co-investment scheme and a development fund.

“The co-investment scheme would co-invest alongside Business Angels and seek to encourage the development of the Halo network.

“The proposed development fund will work alongside private investors to meet the gap in access to capital in the local venture capital market for investments between £450,000 and £1.5 million.”

 by Crescent Capital LLP

 The workshop will be led by John Knapton of Venture Capital partners, Crescent Capital LLP.

Programme Overview:

Avoiding the “wet squib” syndrome and the ensuing underperformance, wasted marketing and de-motivation among staff.  The success of any product requires in depth, strategic and tactical planning beginning as far back as product development.  Starting with the end objective clearly defined will significantly reduce the risks involved in launching a new product on the market and produce results that exceed expectations. Join us for a presentation and discussion that will include:

The importance of “framing” a market to maximize potential,

• What features and benefits to focus on when developing and launching your product,
• How to set a competitive price that will maximize gross margins,
• Deciding on the “right time” to launch a new product and
• Determine what launch process will set the stage for success?

 The workshop will be led by John Knapton of Venture Capital partners, Crescent Capital LLP.

 Panelists

• John Knapton, Crescent Capital
• Noel McKenna, CEO, APT Licensing
• Conor Walsh, CEO, Andor

  Who should attend?

Frameworks Entrepreneur workshops are professional development programmes, scheduled throughout the year. Attendees are generally founders, CEOs and managers involved in strategic business growth and development, or scientists or technology experts considering a business start-up.

Date:                2^nd March 2010

Time:          08.00am – 08.30am Registration

                        08.30am – 09.00am Programme

                        09.00am – 09.30am Q&A

Location:         Northern Ireland Science Park, Queens Island, Belfast

Cost:                ?

Contact:           Roisin Clancy, Northern Ireland Science Park

Tel: 028 9073 7920 Email: nispconnect@nisp.co.uk

Note:                Breakfast will be provided for participants

About NISP’s Frameworks Entrepreneur Workshops

NISP offers ongoing educational opportunities for entrepreneurs building and growing innovative hitech, biotech or cleantech companies and offers member companies the opportunity to provide expert content to a responsive, interactive audience.

Many of today’s business founders and future entrepreneurs have scientific and technical backgrounds but have had limited experience in industry, so they often lack exposure to critical information which is essential to leading a start-up. To fill this gap, NISP offers Frameworks Entrepreneur Workshops to provide these bright leaders with the vocabulary, foundations and framework around which they can build awareness of the many disciplines they will oversee as “C” level managers”

About NISP CONNECT

NISP CONNECT is an independent, non-profit organization fostering entrepreneurship by accelerating the growth of promising technologies and early stage companies. Our core purpose is to connect people, technology and capital to drive innovation and create wealth through building high value IP based companies in Northern Ireland. We want to help to establish a thriving entrepreneurial eco-system where innovation, vision and talent flourish.

A collaboration between Northern Ireland Science Park (NISP), the University of Ulster and Queens University, Belfast, NISP CONNECT acts as an ‘honest, neutral broker’ within the region through provision of direct delivery programmes, mentorship/coaching services, educational seminars and events geared at developing and encouraging entrepreneurial ideas, talent and leadership.

A British technology firm has created a global mobile application designed to instantly report local problems.

Belfast-based Lagan Technologies developed its free Citizens Connect application (app) for the iPhone to enable members of the public to report problems such as graffiti, potholes, broken lampposts and uncollected rubbish.

A number of UK local authorities are in talks to trial the innovative app, which lets people send a photo and GPS reference of the nuisance directly to the relevant council worker’s desktop or mobile phone.

Lagan Technologies recently launched Citizens Connect in Boston, Massachusetts, which allowed graffiti cleaners to quickly remove paint and predict where the culprits would go next.

The use of mobile devices to communicate with local councils is something we expect to soar in the years ahead.

Des Speed

Chief Executive, Lagan Technologies

People who use the app, which can be downloaded for free in the iTunes App store, get a confirmation on their mobile when the issue is solved.

Des Speed, chief executive at Lagan Technologies, said: “The use of mobile devices to communicate with local councils is something we expect to soar in the years ahead. We already work with 180 local governments worldwide – from Toronto to East Timor.

ICT innovation in the UK

Read more about ICT innovation in the UK.

“In many cases those governments are looking at ways in which mobile technology can create a closer link between local residents and the people directly responsible for service delivery.”

Industry analysts Gartner forecast there will be more than 1.82 billion internet-enabled mobile phones across the world by 2013, outstripping the predicted 1.78 billion computers.

Copyright © Press Association 2009

04/02/2010

The latest release from Jaybird is the BlueBuds Bluetooth Headphones, which utilize apt-X audio coding technology for cleaner, clearer, bassier highs.

With smartphones taking the place of standalone MP3 players more and more, it’s no wonder we have a proliferation of stereo Bluetooth headsets on the market. No stranger to this space is JayBird, which has been making uncharacteristically comfy sets for the past several years. 

Despite their small size, the BlueBuds manage to integrate a full array of tactile controls into the right earpiece. There’s a volume knob and buttons for controlling music playback and call functions. The headset is stylish, with rounded rectangular earpieces and muted silver and gray accents. They are also extremelu comfortable, based on the adjustable, contoured ear loops and angled earbud arms. The earpieces are connected via a flexible band that is designed to be worn at the base of the neck.

04/02/2010

APTX today announces the successful integration, test and commissioning of a wideband, full-duplex (2-way) voice-over-network (VoN) system for Microsoft Game Studios.

Engineered by APTX expressly for Microsoft Game Studios, this turnkey solution combines apt-X audio coding and special AoIP protocol software to enable high-quality, 2-way, voice telephony. The solution provided to Microsoft Game Studios is especially optimized for massively multi-player online games (MMOG) from Microsoft Game Studios in Redmond, Washington, USA.

APTX confirms that the apt-X codec and a new technology called stream-X are two of the major elements of this turnkey audio-streaming solution.  The first element, apt-X , is a predictive audio coding engine offering  significant bit rate efficient compression and delivering flawless, multiple-channel audio with imperceptible latency (delay); the second element, audio middleware code-named stream-X, is provisionally described as a packet-based data transport fabric for the retro-integration of high-performance HD-VoIP/LL-AoIP services in existing IP based Content Distribution Networks (CDN).  Originally developed for wireless digital networks and transport of HDTV Surround-Sound over AES pair, apt-X is one of several audio coding engines developed by APTX that can be integrated into stream-X.   As a stand-alone codec, apt-X has been widely used in Broadcast, Cinema and Consumer products, specifically Stereo Bluetooth.

Making the announcement from APTX’s North American offices in Irvine, California, Mike Canevaro, VP Business Development: “Every games studio knows that live, 2-way, voice-chat is absolutely essential to the flow of massively multi-player online games.  So, we’re absolutely thrilled to have delivered this key differentiating and compelling feature to Microsoft Game Studio.”

Canevaro continued: “The audio coding and transport technology that APTX has cemented into this particular infrastructure is unparalleled, both in its size and scope. And it has potential global reach.  There’s no reason why the same solution to this common challenge could not be deployed in other massively multi-player online gaming networks.”

 14/01/2010

From the International Consumer Electronics Show (CES) 2010 in Las Vegas, the Bluetooth Special Interest Group, Inc. (SIG) announced Creative and apt-X Creative Inspire S2 Wireless Speakers as the winner of its 5th Annual Best of CES 2010 Awards, an event held during CES to highlight the innovative and user friendly Bluetooth enabled products that will be making their mark on the consumer electronics industry in the coming year.

“As the industry prepares for a groundbreaking year in wireless technology, certain products stand above all others as outstanding Bluetooth enabled devices, bringing together functionality, innovative design, and a positive user-friendly experience,” said Michael Foley, Ph.D., executive director of the Bluetooth SIG. “The Creative Inspire S2 Wireless Speakers, the winner of the 5th annual awards program, exemplifies all these characteristics and more, capturing the best in the evolution of Bluetooth technology.”

Mike Canevaro, VP Licensing for APTX said, “Winning the Bluetooth SIG Best of CES Award is a fantastic endorsement of apt-X. It is considered by many to be the saviour of Stereo Bluetooth Audio and as such no product should go to market without apt-X.”

Fifty-four devices were submitted for consideration and were carefully tested and inspected by the Bluetooth SIG based on a variety of criteria including interoperability testing, containing expected profiles, and ease of use. Bonus points were awarded to those products that included Experience Icons on the product packaging or the product website, and also for products utilizing the newly adopted Bluetooth V3.0 specification. After ten finalists were selected, one overall winner was chosen.

Back this year was the category of User’s Choice where visitors to www.bluetooth.com/userschoice were given the chance to vote for their top pick from ten previously selected finalists and enter to win one of the finalist products. Voting opened December 8 and remained open until January 3. Over 300 votes were received and one winner was chosen as the fan favorite in addition to the overall Best of CES 2010 winner.  The User’s Choice winner for 2010 was the Microsoft Bluetooth Mobile Keyboard 6000.

 30/12/2009

Audio design houses team to provide high-spec, low-cost, add-in module for passive-speaker OEMs that combines high-efficiency Class-D amplification with Stereo Bluetooth module plus apt-X based A2DP.

Audio design engineering companies APTX, Bang & Olufsen ICEpower, and Bluegiga Technologies have joined forces to produce a highly integrated module reference design and evaluation kit for speaker OEMs seeking to upgrade existing passive products to wireless active systems.  This new module concept combines Class D amplification from ICEpower, a wireless interface from Bluegiga, and audio coding software from APTX.  The collaboration between APTX, ICEpower and Bluegiga combines the core competencies of each company to produce a high-performance, easy-to-integrate solution that offers the following benefits to speaker OEMs: a comprehensive evaluation kit with proven hardware and firmware; accelerated new product development; supports the market shift to wireless and active loudspeaker systems; and establishes technology leadership through partnering with strategic manufacturers.

 Speaking at CES 2010, Stephen Wray, VP Licensing of APTX said:  “This is great news for speaker OEMs seeking to upscale their products from simple passives to cutting-edge wireless active technology.  ICEpower was one of the first audio companies to pioneer the industry transformation from analog to high-efficiency switching technologies.  With this new modular solution, electronics OEMs can now retro-fit existing passive loudspeaker systems, provide Bluetooth wireless interoperability, and deliver really professional audio quality that’s indistinguishable from wired speaker systems. This new modular solution delivers a very impressive dynamic range of more than 92dB at CD sampling rates (16bit/44.1kHz).”
 
ICEpower has raised the power-efficiency of the amplifier and power supply from the 50-70% found in traditional analogue designs, to 80-95% thanks to advance Class D techniques. This helps make audio devices much “greener”.

14/01/2010

APTX, the high-performance audio coding company, today announces that Altec Lansing, one of the world’s leading global brands in high-quality speaker and earphone products, has become the newest licensee of apt-X technology for use in Bluetooth A2DP wireless connected High-Fidelity Stereo audio applications. Altec Lansing (Milford, Pennsylvania) is the maker of the consumer electronics industry’s first “Works with iPhone” stereo speaker-dock system.

Embedded in silicon and/or software, apt-X technology – a suite of precision algorithms for high-performance, low-latency, professional audio compression – facilitates wire-free streaming of full-spectrum Stereo audio for Bluetooth A2DP enabled portable electronic devices, including “Made for iPod” and “Works with iPhone” audio products, portable media players, mobiles and smartphones, e-book readers, netbooks and laptops, gaming consoles and TVs.

Commenting at CES 2010 on the announcement, Stephen Wray, VP Licensing of APTX said:  “APTX is delighted to service Altec Lancing’s new product development strategy needs for high-performance audio coding solutions to deliver high-quality, low-latency digital audio over wireless personal area networks, such as paired Bluetooth A2DP devices, and wireless home networks.  APTX looks forward to a building with Altec Lansing, a strong technology partnership founded on shared values in acoustic excellence and customer satisfaction.”

Altec Lansing created the original desktop PC speakers and the first “Made for iPod” audio dock. The company’s latest speaker systems feature bold new acoustic designs for listening on-the-go, watching movies, and interactive gaming. Wray added: “Audiophiles everywhere equate Altec Lansing’s trusted global brand with great sound and continuous innovation in personal audio.”

New QED ‘uPlay’ Bluetooth Hi-Fi Receiver

The new QED uPlay by Apt-X

The new QED uPlay by Apt-X

Increasingly more and more people are using their iPhone or laptop as a Personal Entertainment Device (PED). The combination of stored music, videos and games, together with a plethora of streaming content from the internet, including free music services, has transformed the way people access media.

But how do you ‘liberate’ this often protected content and wirelessly deliver a very high quality music stream to your sound system? Bluetooth is the only way to do this natively.

Now, thanks to Apt-X, you can enjoy wireless, streamed music with CD quality sound.

The new QED uPlay (pronounced ‘yoo play’) has been designed specifically to exploit this new and exciting opportunity in the form of a discreet Bluetooth Receiver which incorporates the incredible new Apt-X Codec as well as the latest Bluecore 5 chipset.

uPlay seamlessly switches between the standard SBC Codec and Apt-X, depending on the transmission source. QED uPlay is ideally suited to connect to an existing hi-fi system, home theater system or even the better quality iPod docks, fitted with an Aux in socket, thus enabling true wireless connectivity of a PED to your favorite sound system.

New QED ‘uPlay’ Bluetooth Hi-Fi Receiver

The new QED uPlay by Apt-X

The new QED uPlay by Apt-X

The new “puck” shaped QED uPlay (pronounced: ‘yoo play’) is specifically designed to wirelessly connect Personal Entertainment Devices (PED’s), such as laptops and smart phones, to hi-fi and home theater systems and the better quality iPod docks fitted with an ‘Aux in’ socket.

uPlay offers CD standard hi-fi quality sound because it incorporates the awesome new

‘Apt-X’ Codec as well as the latest ‘Bluecore 5’ receiver chipset. uPlay seamlessly switches between the standard SBC Codec and Apt-X, depending on the transmission source, thus enabling true wireless connectivity of a PED to your favorite sound system.

Estimated availability Feb/March 2010

For pricing and distribution details please contact Armour Home

info@armourhome.co.uk www.armourhome.co.uk