Phitek Systems gets $6m injection

Mark Donaldson

Private company Phitek Systems, which develops noise cancellation technology, has placed $6 million worth of shares with TMT Ventures and K One W One, the venture capital vehicle of The Warehouse founder Stephen Tindall.

Chief executive Mark Donaldson wouldn't give the percentage of Phitek secured by TMT.

The Auckland-based company is considering a public listing next year.

The new capital will be used to fund Phitek's expansion and new product development.

Phitek has recently opened new sales offices in Taiwan and Japan and also launched a new range of headphones at two electronics world trade fairs.

Donaldson said the capital raising with TMT and K One W One was a watershed event that would allow Phitek to pursue "several significant global opportunities".

He said Phitek was poised to take advantage of major market opportunities.

Gavin Lonergan, investment director for TMT, said Phitek was the 14th investment made by TMT since it was established in 2000.

- NZPA