EnSilica focuses on the design and supply of custom mixed signal ASICs to system companies and original equipment manufacturers, managing the manufacturing process end-to-end. The fabless mixed signal ASIC supply model is a proven scalable platform to deliver both growth and profitability.

EnSilica has ASICs developed or under development across the satellite communication, automotive, industrial and healthcare markets. Mixed signal and radio frequency ASICs play a key role in differentiating EnSilica’s customers’ products in these markets.

Vela has entered into an agreement with EnSilica, by which it has subscribed for £750,000 of unsecured interest-bearing convertible loan notes in EnSilica.

The key terms of the Loan Notes are as follows:

• interest accrues on the Loan Notes at a rate of 10 per cent. per annum;
• the Loan Notes will be repayable on 9 January 2023 (“the Repayment Date”) to the extent not previously repaid or converted;
• interest will accrue and be paid on the Repayment Date;
• the Loan Notes will automatically convert on an IPO of EnSilica into new ordinary shares in EnSilica at a 12% discount to the price at which such shares are subscribed in the IPO; and
• the Loan Notes are transferable only with the prior consent of EnSilica.