The deal included participation from current shareholders in addition to Kelvin Capital, the Glasgow-based investment syndicate, and Scottish Enterprise, the national economic development agency.

It’s claimed that Fi-Live offers “better than Bluetooth” audio over Wi-Fi, providing higher quality, longer range, and faster transmission while connecting to the standard Wi-Fi systems in PCs, tablets, and phones.

The company says this is ideal for live music applications like the guitar or microphone, time-sensitive systems like TV speakers and gaming headphones, and performance applications like VR, Hi-Fi speakers, or headphones.

The new funding is set to enable Ingenious to look at applying the core Fi-Live technology to new applications in wireless TV speakers, gaming and VR, as well as secure new licensing partners.

Joining the team to help lead the commercialisation of Fi-Live is Steve McMahon, with more than 30 years experience in leading marketing, sales, and product management activities in a variety of high-tech companies.

Steve was recently instrumental in a trade sale of Scottish technology company Optoscribe, where he served as chief commercial officer, to Intel.

John Crawford, Ingenious Audio chief executive, said: “Steve brings the skillset and first-hand experience of generating demand in a very targeted manner which is critical to advance Fi-Live as we expand from being a product focused company in one niche to a broad technology provider.”

Steve McMahon himself noted: “In applications utilizing mobile phones, the removal of headphone and power connectors has made it increasingly difficult for musicians and other users to interact with these massively powerful and convenient devices.

“Moreover the developments in the next generation of Wi-Fi bring extensive data capabilities over huge physical areas facilitating future applications for real time audio streaming in a range of sectors including music, entertainment and communications.”

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John McNicol of Kelvin Capital also commented: “We are delighted to continue to support Ingenious Audio with both the funding and the introduction to industry expert Steve McMahon.

“This is a truly exciting time for the company as they work towards expanding the business in to both a technology provider and a product company.”

The Scots investment syndicate closed the first half of 2023 having concluded record investment of £7.8 million into its portfolio of Scottish technology companies.