PUFFERFISH, the digital display technology business, has announced a funding round to raise £600,000 as it prepares to capitalise on a rapidly growing global market for interactive, multi-sensory and immersive experiences.
The Edinburgh-based tech firm is seeking the six-figure sum to expedite its growth plans and maximise commercial opportunities from the ongoing revolution of the digital display market. The investment will support GTM (go-to-market) activities, product innovation and new product launches.
Advances in technology have transformed the market from flat screen interactions to highly engaging experiences combining sound, vision, data and touch, allowing users to be part of a digital experience, rather than just an observer.
Elaine Van Der Berg, chief executive at Pufferfish, said:
“Interactive and immersive display experiences are more in-demand than ever as in-person visitor attractions, events and exhibitions not only normalise, but increase as the COVID-19 pandemic slows. Pufferfish is ready to capitalise on this opportunity as the market leading end-to-end provider of spherical interactive displays and services, with an unrivalled reputation for innovation and quality, and a brand used ubiquitously as a product identifier worldwide.
“There’s been a revolution in technology and consumers now demand more sophisticated digital experiences that blur the lines between reality and virtuality. We’re a leader in a growing market; now is the right time to accelerate our new product plans and shout louder about what we do.”
Pufferfish’s innovative display systems deliver highly attractive, interactive engagement and multi-sensory experiences for a range of uses and settings, including corporate conferences, museums, science centres, planetariums, art exhibitions and other visitor attractions, as well as education institutions. They can also integrate with other tech systems to translate complicated data into powerful immersive experiences.
Over the next twelve months, the company is launching improved and upgraded versions of two of its core products, PufferSphereTM and PufferTouchTM, with even sharper images and more powerful touch functionality than ever, as well as three completely new products. The three new products will, respectively, provide a more personal one-to-one experience for users, offer a greater ‘wow’ factor through size and scale, and allow users to peer into another world created by immersive technology.
A new head of creative will join the business in September, bringing decades of experience from MTV and Disney.
Elaine Van Der Berg added:
“The business has almost entirely relied on repeat business and word of mouth to generate sales. Even with this ‘reactive’ approach, we have gained a reputation for quality and innovation and carved out a position as a global market leader. We have an enviable client list, including NASA, Google, IBM and BBC. We invented the spherical display concept, and our name is synonymous with the product category.
“But there’s much more we can do; Pufferfish hasn’t realised its full potential yet. The market is ripe, with advances in technology fuelling the demand for multi-sensory, immersive, audio-visual experiences across a range of sectors from art and entertainment to science and education.
“This investment will allow us to scale at pace to meet growing worldwide demand. It will be used to support new talent in the business, research innovative technology to further improve our products, and roll-out a strong go-to market strategy, including a significant increase in outbound sales and marketing activity.”
Pufferfish is approaching existing investors to offer them first opportunity to increase their shareholding. In addition, it is keen to speak to new investors to supports its growth plans.