First investment from Wesley Clover

The Welsh fund has injected £350,000 into Enfis, a technology start-up developing light-emitting devices.

Wesley Clover, the venture capital fund set up by Welsh billionaire Sir Terry Matthews, has marked its first investment with a £350,000 cash injection into Swansea-based start-up Enfis.

Matthews established the £176m fund to invest primarily in Welsh companies. Simon Gibson, CEO of software firm Ubiquity, one of the first hi-tech companies in Wales and one of the first companies Matthews committed seed cash to, runs the fund.

Enfis, a spinout from the University of Wales, develops light-emitting devices for the medical, cosmetic and industrial markets. It has also developed a skin treatment for acne, which the firm hopes will be picked up in a licensing deal with an unnamed US pharmaceuticals group.