Christchurch-based technology company Syft Technologies has gained a major new shareholder and capital injection.
Syft Technologies chief executive Alex Fala. Photo: Supplied
Syft, which makes hi-tech chemical sniffer machines, has struck a deal to sell a near 20 percent stake to specialist US private equity company Ampersand for $22.8 million.
Syft chief executive Alex Fala said the investment would give it resources for product and market development and to hire staff, and would also allow it to tap Ampersand's expertise and connections in the sector.
He said there was no shortage of domestic and foreign investment available for local tech companies.
"We often hear capital is a constraint for companies, that there's not enough capital around for companies, I don't see that at all, there's lots of local capital, Australian investors are coming into New Zealand, and in the case of Ampersand, there's US investors looking for great companies.
"As long as [we] can get out there in the market, more than we have over the past two years, then the capital will come."
Fala said the bigger issue was in finding and training local talent, and attracting and retaining top people from overseas.
"At the start of the pandemic, we were the hot destination for talent, and we missed that opportunity and now we need to be super active in attractive and retaining talent just to compete around the world."
He said changes around the margins would help make the country more attractive such as the tax rules around employee stock options - treating them the same as investors are taxed.
"The big one for us and many others is that housing's too expensive ... fix that and we'll fix many other issues including our ability to attract great talent."
Fala said the company was looking to develop its hi-tech machines used in the semi-conductor industry, and it also wanted to push further into the life sciences sector.
Syft major shareholders include the ACC with a 20 percent stake, and the Ngāi Tahu-linked Whale Watch Holdings with 12 percent.
The company is forecasting full-year revenue to increase 18 percent to $34m.
Syft trades on the Unlisted share market, but Fala said there was no interest at present to contemplate an NZX listing.