Temple Bright advises Rheon Labs on £7m fundraise
Tech City law firm Temple Bright has advised RHEON LABS LTD on its oversubscribed £7 million Series A equity capital raise. The transaction was achieved by way of a private placement.
RHEON LABS is a London-based international advanced materials technology business focussing on energy control. The RHEON technology combines highly strain-rate sensitive polymers with a range of functional geometries, generative design techniques, manufacturing process know-how and garment integration expertise.
Originally developed to deliver impact protection for the body and head in extreme sports, the technology is widely applicable across a range of markets and product categories. It can control energy of any magnitude and frequency – from small constant vibrations to life-threatening single impacts at ballistic speeds.
The RHEON technology platform has been developed over 15 years by Dr. Daniel Plant, the company’s founder and CTO, and is backed by a globally protected IP portfolio. Dr. Plant is a recognised world authority on the latest approaches to all forms of impact testing and helmet construction.
RHEON LABS works with leading sportswear and sports equipment brands to build custom solutions to enhance the performance, comfort and protection of their products. Existing customers include FLY Racing and RuRoc, highly innovative motorcycle and ski helmet brands respectively.
The funding will enable the accelerated commercialisation of RHEON LABS’ patented technology in Europe and North America, where it is experiencing strong growth as its technology becomes recognised as the global standard for energy control.
RHEON LABS has been working with LGB Corporate Finance, who assisted extensively on the articulation of an investment proposition and strategy for the capital raise, and its longstanding legal advisers Temple Bright.
Stephen Bates, CEO of RHEON LABS, commented: “We are delighted to have completed this capital raise, which sees RHEON LABS exceed the target amount, on simple terms attracting a unique and prestigious group of private investors. We very much look forward to working with our new backers to capitalise on the exciting opportunities facing the company right now.”
The Temple Bright team comprised partners William Ingram Hill (Corporate), Dan Pearce (IP & Technology) and Justin Alford (Corporate).
William Ingram Hill commented: “It was a real pleasure to work with RHEON LABS on this exciting deal, which provides the opportunity for Dan, Stephen and the team to drive this groundbreaking business to the next level. We are delighted to act for such an innovative and ambitious client and look forward to assisting in the next stage of its development.”
This article appeared on the Bdaily website on 22 July 2019.