m2fx raises $3m to fund international sales expansion
Targets fast growing global fiber broadband market
New York and London, 22 May 2013 – m2fx, the inventors and producers of the world-leading range of patented Miniflex™ fiber cables today announced a new US$3m (£2m) funding round, led by existing investor Linnaeus Capital Partner B.V.. The new investment will be used to accelerate the company’s worldwide sales and further expand its customer base, particularly in the Fiber to the Premises (FTTP) market.
The growing global rollout of FTTP networks to deliver high speed broadband to consumers and businesses is providing unparalleled opportunities for m2fx. Its innovative Miniflex range of fiber cable, microduct and protection tube products are ideal for the last 200 feet of fiber installations, dramatically reducing installation time and costs through patented pushable technology. This delivers installation savings of up to 50% in developed markets, enabling operators to deploy networks more cost-effectively than through traditional methods.
“Our technology delivers competitive advantage to organizations where it matters – bringing down the cost of installing vital fiber optic networks through our tough, light, ultra flexible design,” said Joe Byrne, CFO, m2fx. “This additional investment from Linnaeus Capital demonstrates its commitment to m2fx and belief in our strengths. We can now expand our sales efforts across the globe and provide the benefits of our Miniflex products to companies across even more countries and markets.”
m2fx recently announced that it has been used in over 25,000 FTTP installations around the world, a figure that is growing at 1,500 every month. It has manufactured over 67 million feet (20 million meters) of duct and Miniflex cable at its state of the art UK manufacturing facility. m2fx’s end customer list includes over 25% of all telecoms operators within the 52 countries where its products are sold, including both AT&T and BT.
“At Linnaeus we focus on companies with unique technology, high growth potential and experienced management teams,” said Anita Hamilton, Managing Partner of Linnaeus Capital Partners B.V.. “m2fx meets all these criteria, and since our initial investment in 2010 we’ve seen the company and its market expand. This new funding round will enable it to accelerate growth and help achieve its enormous potential.”
As well as broadband telecoms, m2fx also has a substantial presence in the data center, automotive and high technology aerospace/defense markets. It was recently selected for the European Space Agency’s ExoMars 2018 mission, where it will protect fiber optic components within the MOMA instrument. Part of the payload of the ExoMars rover, this will analyze samples on the Martian surface, investigating the possibility of life on the planet.
“The need for ultra fast information is driving global demand for fiber optic networks across a wide range of industries,” said Tom Carpenter, CEO, m2fx. “We are already widely recognized for the benefits that our Miniflex products deliver and this new funding will enable us to take the company to the next level, exploiting this significant and growing market opportunity.”
m2fx makes hard plastic flexible through its patented grooved design and process, protecting optical fiber in the last 200 feet of an install. Best known for its innovative Miniflex™ protection tube, cable and microduct products, m2fx specializes in tough yet flexible FTTX cable/microduct routing products that are designed to protect fiber yet still be light and ultra flexible to enable fast and efficient installation in the field. Its patented pushable technology dramatically reduces the time and cost of installations by removing the need for specialist equipment and skills, leading to typical savings of 50% compared to traditional methods.
Headquartered in the UK and with global sales operations, m2fx has already manufactured over 20 million meters (67 million feet) of duct and Miniflex cable at its state of the art UK production facility. m2fx products are deployed in telecoms networks, data centers, cars and aircraft in 52 countries across the world.