Peratech, the company behind award-winning Quantum Tunnelling Composite (QTC) technology has signed a £1.2m mezzanine deal with the equity-linked fund of Finance Yorkshire.
QTC, inadvertently invented by David Lussey in an attempt to form a conductive adhesive gone wrong, is a unique material that provides insulating properties when stable and high conductivity levels when deformed.
Used widely in robotics, defence and telecommunications, QTC greatly improves switching and sensing systems and Peratech already has a number of significant contracts around the world.
With the latest investment, chief financial and operations officer, Doug Balderston believes the company will expand even further: “David’s experiment to find a conductive adhesive went wrong and resulted in the creation of QTC™ Material – and that is now the basis for a Yorkshire company that has generated millions of pounds worth of sales around the world.
“In the next three to five years, we expect to grow our customer base and increase the value of the business to in excess of £100m.
“The Finance Yorkshire investment will help us take on more staff and expand further into our office space. We are also building an advanced laboratory to facilitate enhanced production.”