UK Bluetooth developer raises £10m

Deutsche Bank, Cazenove and Newport Technology Fund have invested in a third funding round for Norwood Systems, which has started to market its main product.

Norwood Systems, a UK-based developer of Bluetooth communications technology, has completed a third round of venture capital funding, having raised £9.5m of new money.

Lead investors in the round were Deutsche Bank Capital Venture Partners, Cazenove Private Equity and Newport Technology Fund, the Australian venture capital fund. Existing investors Argo Capital and Innovacom also participated in the round, as did a number of private investors.

Details concerning the company’s valuation or ownership structure have not been disclosed.

Norwood was founded in 1999 and has now raised £13.5m in venture funding. The company recently announced that its main product, a wireless communcation tool designed to enable flexible communication in the work place, had successfully ended beta-testing and was now beginning a major marketing campaign.

The capital raised will be used to finance sales and marketing activities and to grow the company’s customer base. The funds are also meant to help with further product development and the company’s expansion into new geographies.