Network systems firm raises £500,000
Comtek, a network systems company based in North Wales, has raised £500,000 in its latest funding round to develop a string of new technology products.
After receiving financial support from the Development Bank of Wales, the firm said it’s planning to invest funds into creating a new line of fibre-optic transmission technologies.
The firm, which currently employs 70 people in the Deeside Enterprise Zone, has confirmed that it’ll create up to nine highly-skilled jobs as a result of the cash injection.
Founded in 1989 by Askar Sheibani, Comtek has transformed from a shed-based operation to a pan-European firm offering technology support to the telecoms industry.
In 2015, the company acquired the intellectual property and trademarks of Silicon Valley-based tech firm Sorrento Networks for £6 million. As a result, it’s been able to expand across the US and Europe.
Askar Sheibani, CEO of Comtek, praised the support of the bank. He said: “Successful business depends upon strong leadership, a can-do attitude and readily available finance.
“Our area has enormous potential with lots of high growth, high tech organisations that are thriving. The Development Bank of Wales is at the heart of this and we are truly grateful for their support.”
Sheibani explained that the firm will be able to expand its portfolio. “This investment will enable us to further develop our product offering whilst also creating further highly skilled and highly paid jobs in Deeside,” he said.
“We are very proud to have brought the market-defining Sorrento brand under Welsh ownership, restoring to the UK a lineage traceable back to the invention of data transmission over optic fibre at STL Labs, Harlow, where Kao and Hocking published their definitive paper in 1962.”
Rhodri Evans, regional manager for the Development Bank of Wales, congratulated the firm. He said: “Comtek has grown into one of the most widely recognised companies across the region with sites in the UK, Holland, Germany, Turkey and the US.
“The core business continues to perform very well and is trading successfully in the UK and Europe as one of fastest growing multi-vendor IT and telecoms repair service providers.”
He added: “By locating in an Enterprise Zone, they have benefited from bespoke support and a reduced interest rate on our loans by up to 2%.
“This makes a big difference and will help Comtek to further develop products which can be sold to both the existing customer base and new users. We wish them every success.”