Heptagon raises equity financing

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Heptagon has raised more than $22m in new equity financing, most of which comes from a syndicate led by GGV Capital, alongside further finance from Heptagon's current investors, including Innovations Kapital of Sweden, Innovacom of France and Nokia Growth Partners.

Chuck Milligan, Heptagon's CEO, said: 'We are extremely pleased to have been able to raise this investment despite the currently challenged investment environment. This is a testament to our strong leadership position in this industry-changing technology. We are also very excited with the quality and commitment of our new investors. GGV Capital and partners have a fantastic track record and will add great experience and knowledge of consumer electronics and Asian manufacturing to Heptagon's investor base and board.'