Penta Capital, the private equity and venture capital firm, has completed its first investment from its £12m Pentech Ventures fund, launched last summer.

The Pentech Ventures fund, which launched with an ultimate target of £20m, handed over £650,000 to Applied Generics, a mobile phone technology company. Applied Generics has raised a total of £800,000, including cash from existing shareholders, to accelerate product development and to expand its sales and marketing operation.