NEEMF

NEEMF is investing in the business to match pounds 110,000 put in by a private investor.

He said: "Without the investment from NEEMF we wouldn't have been able to progress any further.

This investment through NEEMF will allow us to change this.

NEEMF can match, on equal terms, investments made by private investors or business angels who may not have sufficient resources to wholly fund the business, or they wish to spread the risk.

Administrators eventually sold the company, which makes textiles for use in the automotive industry, on Monday this week to Dean Street Limited and NEEMF.

A pounds 2.5m fund, NEEMF, managed by Entrust, is an innovative and unique venture capital fund which aims to generate and increase business angel activity in the North-East.

NEEMF manager Bob Marris says: "Rozmic Wireless has developed a robust product with applications anywhere that low cost, secure communications are required.

Both COIF and NEEMF require private finance to invest alongside them, which is invariably provided by business angels introduced to the deal by the funds.

The NEEMF funding follows a six figure private investment from business angel Jonathan Caisley, director of international sales and marketing company Japan Concept.

Nstar, which provides venture capital for early stage technology businesses, awarded TrackaPhone pounds 60,000-worth of Proof of Concept funding, a communications expert invested pounds 100,000 and a further pounds 100,000 has been awarded from the North-East Equity Matching Fund (NEEMF).

Finance for the project, which has helped to create around 20 jobs, has come from regional and private funds such as NEEMF, business angels, BT and the Bank of Scotland.

The newest Entrust initiative this year is the launch of the North-East Equity Matching Fund (NEEMF), which matches business angel equity with an equivalent equity investment.