Phoelex Ltd (09819467): administration
- Status
- Administration ended
- Administration began
- 2024-05-02
- Administrators' firm
- FRP Advisory
- Incorporated
- 2015-10-12
- Location
- Stockton-on-Tees
- Industry
- 62090 Other information technology service activities
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated in October 2015 by its sole founder, Dr Amir Nejadmalayeri, as a vehicle to develop new technology, such as innovative hardware that could significantly increase data transfer speeds, whilst reducing the physical size and energy consumption using decision feedback equalisation. The initial funding was received from the Director’s family, and the patent for the technology was filed with the help of Marks & Clerk, an Intellectual Property specialist. The invention covered a groundbreaking architecture for sending digital information optically in an extremely energy efficient manner. The first equity investment of £25,000 was made by Entrepreneur First in December 2016.
Phoelex Ltd was targeting the high-speed connectivity market in hyper scale data centres, and should the Company have reached the deployment phase of the technology, typical customers may have been the likes of Amazon, Microsoft, Meta etc. After a fund-raising event in Winter 2020, a chief operating officer and a VP Business Development Officer were hired in order to alleviate the pressures felt by the Director as the Company grew.
Initially, the Company was based in a shared office named “IdeaSpace West”, situated at the West Campus of the University of Cambridge. After the on-set of the COVID19 pandemic, the staff utilised being able to work from home and IdeaSpace was kept for mail purposes and the computing infrastructure. During the COVID-19 pandemic,
Administrators' statement of proposals (2024-06-24) · Companies House register