P2i (www.p2i.com), which has developed liquid-repelling technology that is used by smartphone manufacturers, has secured a £10 million funding deal from Yorkshire Bank.

The Oxfordshire company has so far applied its innovative water-resistant nano-coating solution to more than 175 million smartphones. It will use the financial package to fund a period of growth. The company currently has 142 staff and 123 granted patents.

CEO Ady Moores said: “As an internationally focused business, we are particularly looking to expand our presence in Asia, where we already have facilities in Shenzhen and Taipei.

“Today, nine out of the top 10 hand-set manufacturers are in that part of the world, so it is particularly important to be able to service the market properly and take advantage of the business opportunities opening up there right now. P2i has increased its revenues by 65% year on year and became profitable in 2016.”

The deal was delivered by Steve Clark and Usman Ali from Yorkshire Bank’s growth finance team.

Mr Clark said: “P2i are stretching the boundaries of the British technology scene, and we are thrilled to help them with their journey. We look forward to working with them as they continue to grow.”