News

Penryn based agri-tech company, Glas Data, has secured £140k equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), as part of a larger funding round, which includes investment from both existing and new private investors.

Rob Sanders and Colin Phillipson, founders of Glas Data, recognised that data fragmentation issues within the agricultural sector existed and saw how it restricted farmers, processors and retailers.

Technology is developing rapidly, allowing farmers to collect data on everything from weather and soil nutrients to animal health. With so much data now available, the challenge is how to make it accessible and easy to understand.

Having identified this issue, they worked on developing a solution which would unite the agricultural sector and food supply chain with a universal data dashboard.  This would simplify the world of precision farming and unlock the value of the data it produces, saving farmers time, money and improving their productivity.

In 2018, they set to work on designing a cloud based, data management and decision support tool – the GlasCore dashboard. The system is fully customisable, specifically for use with the agricultural sector. Furthermore, the clear visualisation of the system, makes it easy to use on any device. Glas Data now employs seven people, with more recruitment to follow.

Rob Sanders, co-founder of Glas Data comments: “Colin and I met when we were on Falmouth University’s Launchpad (with MA Entrepreneurship) course.  We soon spotted these issues within the agricultural sector and had a vision to unite it with a universal dashboard. This latest round of investment will enable us to expand our business by investing in recruitment. We will be recruiting additional software engineers who can refine the software product, as well as a project manager and customer service employees which will include marketing and event support.”

Meg Salt, Fund Manager at The FSE Group, added: “GlasCore is an exciting technology solution aimed at optimising agricultural productivity and facilitating the fourth agricultural revolution. There is no competing software which collates and clarifies as many data sources into a single customisable and user-friendly interface, allowing its users to select data for their needs including integrating data from Internet of Things devices. We wish them every success for the future.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund managers The FSE Group.

Ken Cooper, Managing Director at the British Business Bank, said: “Glas Data have been able to access the Cornwall and Isles of Scilly Investment Fund to address an opportunity they see to introduce a technological solution to a problem that is arising in a very traditional industry.  We’re delighted that the fund is continuing to support businesses like Glas and attract private investment to the region.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “It’s great to see a Falmouth University Launchpad businesses moving to the next stage and creating quality jobs with CIOSIF support. Glas Data have produced a dynamic, scalable and invaluable tool that truly combines agriculture and technology.”

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk  or follow the fund on Twitter at @CIOSIFBBB2

London based cleantech company Powervault has successfully secured an additional £2 million of funding to support its continuing innovation in the vital field of energy storage. This includes a £725,000 growth loan from the Greater London Investment Fund, managed by The FSE Group.  

We can’t control when the sun shines or the wind blows – so energy storage is absolutely key to our transition from fossil fuels to renewables. Right now, there are times when wind turbines have to be switched off because more energy is being generated than the grid can cope with. Equally, as a nation we are still firing up fossil fuel powered stations during times of excess demand.

Joe Warren, Powervault’s CEO, is passionate about the importance of the company in providing a road map for consumers to zero carbon. He said: “We’re delighted to close our £2 million funding round including support from the Greater London Investment Fund. Greener energy is essential for a sustainable future and Powervault is a clean yet simple way for people and companies to save money and reduce CO2 emissions. We are at the start of a revolution in the way we generate and use energy. Electricity consumption is set to double as we move from heating our homes with gas and fuelling our cars with petrol to using clean renewable energy. To do this we need to store wind and solar power which often comes along at the wrong time.  Powervault is key to achieving this.”

Powervault was founded in 2012 and has from the outset been a trail blazer. Powervault’s vision is for its smart battery to be as commonplace as the dishwasher. It is on a mission to save customers money and reduce carbon emissions both directly, by storing low cost renewable energy and also indirectly by encouraging energy efficiency and the use of renewable technologies. To date Powervaults have typically been used by homeowners with solar panels to store their surplus solar energy in the day to be used in the evening. The roll out of smart meters and ‘time-of-use’ tariffs make the product of potential interest to millions more customers. When energy is cheap Powervault automatically fills itself up; when it’s more expensive, it supplies the cheap electricity into the house, reducing the load on the grid at peak times and saving customers up to 50% of their electricity bill. Powervault expects smart time-of-use tariffs to become widespread over the coming years, growing the potential market size to 25 million homes.

The funding secured in this round will be used to grow its marketing and development teams – offering new green jobs at a time when they are needed most. The funds will also be used to develop exciting new product features.

Paul Shadbolt, Senior Fund Manager for The FSE Group, which manages the £55 million GLIF debt fund on behalf of Funding London, comments: “No one can deny the need to find greener technology to power almost every aspect of life. The energy sector is aware of the substantial need to combat climate change which can only support demand for Powervault. We are delighted to be supporting Joe and his team as they help people lower their bills and their carbon footprint.”

Maggie Rodriguez-Piza, CEO at Funding London, adds: “An accelerated transition to a greener economy is essential to avoid irreversible damage to the environment. I believe by supporting companies like Powervault, who are building a sustainable future for all, we are helping change the path of early stage investing. We are thrilled to support Joe and the team as they continue their mission to encourage adoption of renewable energy technologies.”

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies. 

Service Robotics Limited, a health and wellbeing business focusing on supporting the vulnerable and elderly through innovative technology, has raised £600,000 in their latest funding round.  The funding includes a £300,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) and investment from Britbots and the Enterprise 100 Angel Investment Club.

The company has created an intelligent companion robot that will assist the elderly via patient-centred interactions. GenieConnect® helps users by providing companionship and support by offering services such as prescription management, medication reminders, daily welfare checks, video calls and music entertainment. Through intuitive AI and a dedicated Customer Care Centre, GenieConnect® can reduce loneliness and helps older people live safely and independently in their own homes.

The robot is one of the first of its kind and uses cutting edge software to better the lives of an aging population. Service Robotics launched its first pilot project in Cornwall in August 2019, and won its first contract from the NHS Small Business Research Initiative six months ago, for the way in which it is tackling one of society’s biggest social challenges.

The latest funding will be used to further develop the business, expand the pilot program and establish a Cornwall project office in Bude.

Rob Parkes, CEO of Service Robotics Limited said: “The current outbreak of Covid-19 is teaching us all the importance of staying connected and the increasing need for zero touch virtual care. Genie is on hand to support the most vulnerable people in society, giving their families peace of mind that their elderly relatives are well, safe and happy. Responses have shown that Genie is filling a definite gap in the market where live-in support is not needed but older people cannot live as independently as they once did. This investment will enable us to expand our pilot program and build on our existing relationships with local authorities and stakeholders in the adult care sector.”

Ralph Singleton, Head of Funds, Cornwall at The FSE Group, the appointed CIOSIF fund managers, added: “GenieConnect® is both an exciting and desperately needed social care innovation. The mixture of automated applications with connectivity to loved ones and caring professionals will undoubtedly be of benefit to many people in need. The importance of connecting virtually is being proven during this COVID-19 crisis and we are delighted to be supporting a company that is tackling such an important  issue. We wish them all the success for the future.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) and is operated by appointed fund managers The FSE Group.

Sarah Newbould, Senior Manager at the British Business Bank, said: “By creating a friendly and responsive virtual assistant for older people, Service Robotics is helping to meet a real social need, especially for those who live on their own where isolation and loneliness can be a real issue. The fund’s investment will help move the company to the next level and it’s good to see other investors coming on board, which has doubled the impact.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “Our ageing society is one of the Grand Challenges identified by government and has been brought into sharp focus by the coronavirus crisis. As we look toward recovery it is innovative companies like Service Robotics that can make a real difference to people’s lives and demonstrate how Cornwall can lead the way in pioneering e-health solutions.”

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk  or follow the fund on Twitter at @CIOSIFBBB2

• The FSE Group, MEIF Debt Fund is now an accredited lender under the British Business Bank Coronavirus Business Interruption Loan Scheme (CBILS)
• Also announces New Head for Midlands Engine Investment Fund.

Accreditation will now allow The FSE Group to issue loans from the Midlands Engine Investment Fund (MEIF) Debt Fund backed by a CBILS guarantee.

Furthermore, following the launch earlier this year of a further £40million MEIF Debt Fund by the British Business Bank, appointed fund manager, The FSE Group, is now delighted to introduce the team managing the fund.

The additional Midlands Engine Investment Fund (MEIF) money provides loan funding between £100,000 and £1.5million to small and medium enterprises (SMEs) based across the whole of the Midlands area, to facilitate growth. This latest phase of investment addresses regional demand for alternative debt finance options and brings the number of MEIF funds to seven, with The FSE Group working alongside six other MEIF fund managers.

The FSE Group’s MEIF team is led by Andy Moss. Andy comes to FSE from Lloyds, where he has spent more than 34 years building a strong network in the finance community across the Midlands region. He has led teams across the SME sector, where he specialised in manufacturing and for the last 3 years, worked with large corporates.

Andy is joined by four fund managers and a fund executive, who are working to deliver investments to growing businesses across the whole of the Midlands region:

• Chirag Mistry is the newest member of the FSE team in the Midlands, having spent the last 13 years with Santander. Chirag is also a Sutton Coldfield Chamber of Commerce committee member and will be working with high growth businesses in the West Midlands, focusing on Worcestershire, The Marches, Coventry & Warwickshire and Greater Birmingham & Solihull. 
• Kerry Haughton is a Fund Manager who, before joining FSE, spent 14 years working in various commercial and corporate relationship banking roles for Thincats and RBS, both onshore and offshore. Kerry is working to support SME growth in the West Midlands, focusing on The Black Country, Stoke-on-Trent & Staffordshire as well as Greater Birmingham & Solihull, along with Chirag.

• Fund Manager, Paul Lynam, joined FSE after almost 37 years with HSBC, Paul is now applying his experience in the commercial banking sector to helping SMEs in the East and South East Midlands unlock their growth potential, focusing on Derbyshire, Nottinghamshire and Lincolnshire.
• David Price joined HSBC over 40 years ago, where he spent the majority of his banking career, working as both a branch manager and a commercial lending manager across several different sectors. He is FSE’s second Fund Manager for the East and South East Midlands, focusing on Leicestershire, Northamptonshire and other areas of the South East Midlands.

• The team is completed by Fund Executive, Harriet Saunders. After graduating from University of Bath with a Business Administration degree, Harriet spent time working in financial support roles, including as a Fund Administrator for Mercia Asset Management, before joining FSE earlier this year.

The FSE Group’s CEO, Paul Marston, said: “We are delighted to welcome Andy to FSE and our Midlands team. The FSE Group has been specialising in SME lending, with a particular focus on managing government and public sector intervention funds, since 2002. Andy’s commercial lending expertise, combined with his regional knowledge is a great fit and a welcome addition, which will be put to good use managing the team and supporting growing SMEs throughout the Midlands.”

Andy Moss, Head of Funds for the Midlands at The FSE Group, added: “The FSE Group is a niche lender with a unique approach, focusing on business potential, rather than security available, to help growing businesses reach their full potential. I am excited to be part of this dynamic team and look forward to leading the successful delivery of this latest MEIF funding.

Grant Peggie, Director, British Business Bank, also commented: “It’s great to see The FSE Group now have a full team in place to work on MEIF, headed up by Andy, who we look forward to working with. MEIF is still very much open for business, especially at a time when businesses are reaching out even more for financial support. We are pleased that The FSE Group also now join our other regional fund managers, BCRS Business Loans and First Enterprise as an accredited lender under the Coronavirus Business Interruption Loans Scheme.”

The Midlands Engine Investment Fund are supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

The Government’s new Future Fund is now open for applications. Announced by the Chancellor on the 20th April, the Future Fund issues convertible loans to innovative UK companies with growth potential that are currently affected by Covid-19.

To be eligible, a company must find a lead investor and the Future Fund will match up to 100% of the lead investor’s contribution. 

The FSE Group, as manager of the £40m Cornwall & Isles of Scilly Investment Fund (“CIOSIF”), can provide lead investor funding from £50k - £2m to Cornish businesses.  With the addition of the new Future Fund alongside other matched funding, there is the potential to double the investment and provide all the capital to meet companies’ growth aspirations.

Ralph Singleton, Head of Funds, Cornwall at The FSE Group said: “The announcement of Rishi Sunak’s Future Fund is great news for the local economy as it will allow us to deliver even more investment into Cornish businesses at a difficult time. As well as this extra financial investment, we continue to provide our ongoing expert support to help our investee companies realise their growth ambitions.  We encourage any interested businesses to contact us to discuss this exciting opportunity further”

For further information please contact Brent Treloar – Business Development Manager at The FSE Group – 01872 306663 / brent.treloar@thefsegroup.com