Exeter-based company Cineon Training has secured a £400,000 equity investment from the South West Investment Fund, as part of a larger £900,000 funding round.
The funding round was led by the South West Investment Fund appointed fund manager The FSE Group and includes investment from Torbridge Capital.
Based on the Exeter Science Park, Cineon develops novel Virtual Reality (VR) training and therapy products, as well as undertaking consultancy services. Their products incorporate cutting-edge eye-tracking technology delivered via a VR headset to enhance individual’s learning and performance. Training in this way optimises human behaviour in safety-critical and high-pressure environments. The UK government backs Cineon’s research, products and services and they work with the NHS, Ministry of Defence and numerous other organisations.
This funding will be used to hire 14 skilled staff members over the next three years, including in the data science, business development and marketing departments.
Cineon was founded by Toby & Kate de Burgh and Professor Sam Vine. Toby is a senior consultant in the nuclear industry as well as a VR specialist, Kate is a Consultant Clinical Scientist in the NHS and Sam a Professor of Psychology at the University of Exeter, and a leading researcher in the neuropsychology of human performance and learning.
Toby de Burgh, Chief Executive Officer at Cineon Training, said: “Personalised, adaptive learning, delivered via immersive technology, is the future of specialist training because it is uniquely able to improve outcomes and can be used in any sector. Our eye-tracking-based tools have been applied in many contexts, from helping to assess and develop competency in pilots, to potentially saving the NHS millions in missed MRI appointments by reducing patient anxiety. We’re so proud of our technology and are grateful for this funding which will enable us to share it with even more clients and sectors.”
The £200m South West Investment Fund (SWIF) covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium-sized businesses to start up, scale up or stay ahead.
Ralph Singleton, Head of Equity, South West at The FSE Group, added: “Recent years have meant that people are less skeptical of working with remote technology. Cineon is proof that there are advantages in taking this even further when considering both improved outcomes for end users and value for money. The growth plans for the company are exciting and I particularly look forward to watching them delve further into the fields of Aviation, Healthcare and Nuclear. We wish Toby and his team all the success and look forward to joining them on their journey.”
Jody Tableporter, Director, Nations and Regions Investment Funds at British Business Bank, said: “The core purpose of the South West Investment Fund is to support innovation and drive local business growth. Cineon are at the forefront of cutting-edge technology in immersive learning and we’re delighted to be supporting the future growth of the business.”
The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. The South West Investment Fund is increasing the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.