News

Advanced Ophthalmic Systems (AOS), a MedTech company specialising in pioneering and advanced software for the ophthalmic industry is the latest company to be supported by the Coast to Capital Growth Equity Fund. The Croydon based venture successfully completed the funding round which includes angel monies facilitated by The FSE Investor Network.

AOS has spent 3 years developing over 200+ algorithms and in the back end of last year they released their first digital analytics software product, AOS Anterior. The AOS Anterior automatically assesses multiple eye pathologies with Gold Standard accuracy & repeatability. The software has been developed to be visually informative and striking, allowing opticians to increase customer engagement and understanding during examinations, whilst decreasing the amount of time patients need to sit in the chair.

All results are provided instantly, with simplified reporting to assist with future follow up visits and the in-built reporting function generates a fully customisable report for each patient. The funding will enable AOS to expand its already impressive team in both the business development and product development departments. This will give the company the manpower it needs to cement itself as one of the leaders in the eye health sector.

Dr Eduardo Mangieri, CEO at Advanced Ophthalmic Systems, explains, “Our target is to provide innovative solutions in the ophthalmic market for the early detection and monitoring of various pathologies.  Our technology provides automatic ophthalmic diagnosis by delivering objective, digital imaging analytics during optical appointments. This increases patient understanding and more importantly reduces appointment times, leading to a far more punctual service.”

Avent Bezuidenhoudt, Senior Fund Manager at The FSE Group, “We are delighted to be supporting AOS in this funding round. The company have developed a state-of-the-art product that will have such a positive impact for current and future ophthalmic patients. We are excited to see what the future holds for Eduardo and his team and look forward to working with them to achieve their goals.”

The Coast to Capital Growth Equity Fund is part of the Coast to Capital Funding Escalator, a £5million initiative funded by Coast to Capital Local Enterprise Partnership. The escalator, which also includes an expansion loan scheme, provides eligible companies with loans and equity funding between £50,000 and £500,000 for activities that will deliver high-growth and employment opportunities across the Coast to Capital region.

The Cornwall & Isles of Scilly Investment Fund (CIOSIF) has completed its first equity investment with a £750,000 equity stake in wireless internet service provider Wildanet, based at Goonhilly Earth Station, through appointed fund managers The FSE Group. The investment is being match-funded by the FSE Angel network, private investors and Crowdcube as part of a £1.5m package. It will support Wildanet’s continued expansion across Cornwall and into Devon, targetting 12,000 new customers and creating an estimated 39 jobs over the next three years. Wildanet uses state of the art wireless radio technology to provide superfast broadband in hard to reach rural areas, with a guaranteed minimum speed of 30Mb/s, up to lightning-fast 1Gb/s.

Jake Berry MP, Minister for Local Growth, said: “Access to superfast broadband is vital to economic growth in our rural areas and this project will open the door to digital services for thousands of people across Cornwall. Harnessing the innovation of British business to grow prosperous communities is at the heart of this investment, and the Government’s modern Industrial Strategy.”

Ian Calvert, CEO and founder of Wildanet, which was set up in January 2017, said: “There is a real opportunity for us to radically improve connection speeds for homes and businesses across Cornwall currently experiencing low bandwidths. The funding from CIOSIF and our match funders will allow us to expedite our growth strategy and bring reliable superfast broadband to hard to reach areas.”

Ken Cooper, Managing Director, at the British Business Bank, said: “We are delighted that the fund’s first investment will not only create jobs but will also bring improved connectivity for homes and businesses, which is good news for productivity and growth. This deal is a great example of how the CIOSIF can leverage other investment to help growth-minded businesses realise their potential.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “Wildanet is a young tech start-up with ambitious growth plans and has developed its own technology to plug a clear gap in the market. CIOSIF was set up to encourage entrepreneurship and tackle a shortfall in start-up, early stage and development capital in the region, so we’re delighted with this first investment and wish Wildanet every success.”

Ralph Singleton, Senior Fund Manager, FSE Group, added: “Wildanet is helping to close the digital divide in rural areas by offering households and businesses across the county access to the same digital services as other parts of the UK. With a depth of industry experience gained with major players in the telecom sector, the management team are well-positioned to exploit this opportunity while helping to drive forward the regional economy in the process.”

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 FSE Group. 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. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government. For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk of follow the fund on Twitter at @CIOSIFBBB2

TriCIS, which deals in secure communications and IT equipment suitable for military and other governmental use, has received follow-on funding from the Enterprise M3 Funding Escalator after a year of promising growth. Based in Farnborough, the company operates in the niche ‘TEMPEST’ market and has experienced some considerable success in establishing itself in this highly specialist sector in less than two years. Since its first Enterprise M3 Growth Fund investment last year, the company has gained new contracts, significantly increased its product range and is set for a three-fold increase in revenue in the current financial year. The £75,000 investment from the Enterprise M3 Growth Fund, which is managed by The FSE Group on behalf of Enterprise M3 Local Enterprise Partnership (LEP), has been matched by existing investors and is part of an on-going funding round to attract new shareholders and finance future growth. TriCIS CEO, Antony Summerfield comments: “Over the past year we have worked hard to develop leading edge products and gain new contracts. FSE has been a great support and worked with us to appoint our new CFO, Edward Leek. We have also strengthened our senior management team this year and are well positioned to drive the business forward. This latest funding will ensure that we have the growth capital required to take full advantage of the opportunities facing us.” Ralph Singleton, Senior Fund Manager at The FSE Group, adds: “Since our first investment TriCIS has strengthened both its offering and its management team. We are delighted to be continuing to support the company alongside other investors and look forward to helping Antony and the team grow the business even further.” Kathy Slack, Director, Enterprise M3 LEP, says: “It is highly rewarding for Enterprise M3 to invest further in a remarkable company that has gained such a strong foothold in its sector after our initial investment. We look forward to seeing TriCIS grow and secure further its standing in this high-tech industry that will place a spotlight on the Enterprise M3 region as a specialist centre of economic growth.” The Enterprise M3 Growth Fund is part of the Enterprise M3 Funding Escalator, a £10million initiative funded by Enterprise M3 LEP. The escalator, which also includes an expansion loan scheme and a short term trade loan scheme, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities.

A Basingstoke business helping gas network companies to prevent leaks has received the first equity investment from the newly re-launched Enterprise M3 Funding Escalator, financed by Enterprise M3 Local Enterprise Partnership (LEP) and managed by The FSE Group. Utonomy’s innovative technology works by remotely controlling the pressure levels of gas within the pipe network. Without this technology, pressure is controlled through manual adjustments made only twice a year in line with the move from summer to winter, due to the inaccessible nature of the infrastructure. This results in pressure being inaccurate for demand levels most of the time. This £75,000 investment from the Enterprise M3 Growth Fund is the company’s second EM3 investment following an initial £150,000 from the original funding escalator in early 2017. The monies invested have helped to leverage significant private and public sector funding, resulting in a total £3.5million raised across the two funding rounds. The new £10million Enterprise M3 Funding Escalator was launched in June following the end of the previous escalator, which had been supporting businesses across the area since 2014. Utonomy CEO, Adam Kingdon, says: “the funding and support we have received from The FSE Group over the last 18 months has helped us attract further investment and move the business forward considerably. Since receiving our first EM3 investment we have been successful in obtaining grant and loan funding from Innovate UK and secured our first customer with a contract worth almost £0.5million. We are now gaining traction across the sector and look forward to making further progress with this new round of funding.” Ralph Singleton, Senior Fund Manager at The FSE Group, comments: “Since our first investment Utonomy has made tangible progress; staffing levels have more than doubled, additional funding has been secured, required regulatory certification has been achieved and the first contract has been won. The company is now in a strong position to really take advantage of the opportunities ahead and we are delighted to be supporting them as they continue on this journey.” Kathy Slack, Director, Enterprise M3 LEP, adds: “Great ideas are at the heart of Enterprise M3 LEP’s funding programme and we are delighted to support Utonomy’s forward-thinking, clean growth solution to eradiating gas leaks. There is clear commitment to growing the company and we look forward to seeing it progress with our additional investment.” The Enterprise M3 Funding Escalator is £10million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.

A company using the Internet of Things to improve cost efficiencies for the public sector and other organisations is getting its growth plans underway with the help of a £150,000 Expansion Loan from the Enterprise M3 II Funding Escalator. Using Low Power Wide Area Network (LPWAN) technology, Barter for Things provides its customers with the means to transmit wirelessly, information that has historically been collected by people. More recognised wireless communication networks such as WiFi, Bluetooth or 3G/4G mobile are unsuitable for this type of data transmission either because they are too expensive, too power intensive or deliver over a short range. By contrast, LPWAN provides the means to communicate simple, low bit rate messages over distances of up to 3km in urban settings and 10km in rural locations, using very little power at a low cost. Barter for Things works with its clients to custom build the required network infrastructure, i.e. masts and related technology, and integrates this with low power, long-life sensors placed at the data source.  As an example, the company has been working with Southampton City Council (SCC) this year to install a network of nine aerial sites on council-owned tower blocks. The resulting LPWAN coverage can be used to transmit data from linked sensors across the whole city, meaning SCC can now use Internet of Things technology for a range of tasks in its social housing provision such as monitoring of water quality and checking of smoke alarms. This not only provides the potential for huge cost-savings by eliminating the need for monthly manual inspections, but also helps alleviate the administrative compliance burden while providing a better, proactive service for tenants. CEO and Founder, Alex Barter, says: “The growth of the Internet of Things has been restricted by a lack of appropriate wireless network provision. To address this, we have taken a customer led approach to building and integrating systems that focus on meeting the needs of our clients and allow them to benefit from this growing technology and, by doing so, we have established a strong market position and are currently the only supplier delivering a fully managed LPWAN service. The Enterprise M3 loan will help us to take advantage of the opportunities we now face and expedite the growth of the business.” James Edwards, Senior Fund Manager at The FSE Group, which manages the EM3 II Funding Escalator on behalf of Enterprise M3 Local Enterprise Partnership (LEP), comments: “Barter for Things has made great progress across the Solent since its launch two and a half years ago and the management team are now looking to expand into a wider geographical area, becoming the market leader for LPWAN systems integration across the South and into the heart of the UK. We are delighted to be helping to fund the opening of a new office in Basingstoke and the recruitment of staff in this area, and we look forward to continuing to work with them as they grow.” Kathy Slack, Director, Enterprise M3 LEP, comments: “Barter for Things is an exciting business on the cusp of even greater innovation. With its unique use of LPWAN, an energy and cost-efficient communications network, the company is a perfect candidate for expansion funding to enhance the Enterprise M3’s ambition of digital growth in a low carbon economy. As well as being the only supplier of a fully managed LPWAN service, the unique data collection service will reduce carbon emissions because the need for vehicle journeys will lessen.” The Enterprise M3 Funding Escalator II is £10million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.