We have worked with this University “Spin-Out” since 2015 and have been a key member of the management team driving its strategic development during that time.
We initially joined a University Researcher/Doctor and a fellow Enterprise Partner to establish the company and spin out of the University.
Our role as Chief Financial Officer and Non-Executive Director has comprised:
- Overseeing the legal and commercial arrangements to effect the “Spin-Out”.
- Arranging SMART funding from Scottish Enterprise and University investment to allow development of the proof of concept and to prove business viability.
- Implementation of the strategic development plan and recruitment of additional management and the development/operational team.
- Overseeing all financial matters – cash, management accounts, statutory accounts and forecasts.
- Raising a seven-figure sum from a FTSE 100 company in August 2016 with an additional higher amount in December 2018, and another similar tranche in 2020.
- Currently raising an eight-figure sum in conjunction with an Investment Bank to finance full production in advance of potential IPO.
- Involvement in numerous negotiations with market leading blue-chip companies worldwide to fully introduce and launch its paradigm shifting technology, encompassing pilots, trials and commercial agreements.
- Completion of the London Stock Exchange Elite Programme.
The success of this opportunity has been the result of building a world-class team at an early stage, ensuring an effective strategic plan and then implementation of the plan.
We have focused on building value and ensuring we have the resources to deliver.
Craig Alexander Rattray remains Chief Financial Officer and a shareholder and is excited at the future prospects for this market leading company.
Key outcomes of the role included:
- Successful commercialisation
- Significant successful finance raisings
- Strategic development and commercial arrangements
- Strong financial management