RFID GLOBAL INNOVATION LEADER PERVASID SECURES £3.25 MILLION TO ACCELERATE GROWTH
In its latest funding round, PervasID, a world leading innovator in RFID (Radio Frequency Identification) technology, has secured £3.25m, led by Parkwalk Advisors, the UK’s largest investor in university spinouts, and investment from two Maven-managed regional funds: the Finance Durham Fund established by Durham County Council and overseen by Business Durham, and NPIF II Maven Equity Finance, part of the Northern Powerhouse Investment Fund II (“NPIF II”), supported by the British Business Bank..
PervasID has developed its own patent-protected RFID fixed readers, which offer world class accuracy over range to track passive RFID tags and are now the first in the market to offer remote tracking capabilities. From a start-up spinning out of Cambridge University to a scaling multi-million pound business, PervasID is now working with some of the world’s largest global retailers and businesses within the aerospace, health and manufacturing sectors to deliver real time inventory location tracking across multi-country infrastructures.
Funding from this round will help supercharge PervasID’s growth strategy to expand its customer base following increasing demand from large customers in retail and aerospace. The investment will also support the accelerated global roll out of Trackmaster 2X, with the addition of new strategic hires, as well as further R&D to enhance its software product offering in data analytics to complement its world-leading hardware solutions.
PervasID was founded in 2011 by PervasID President Dr Sabesan Sithamparanathan OBE, with a mission to bring more accuracy and value to multiple sectors when it came to tracking inventory in real time. Their latest innovation the TRACKMASTER 2X can now deliver near 100 percent accuracy over an area of up to 240m² (2,600 ft²) area using single reader as well as locate the item with a Real Time Location System powered by AI. A solution that meets both performance and affordability criteria around the world.
Peter Oram, PervasID CEO said: “We are delighted to close out this first phase of our investment round with the support of Parkwalk and Maven. Maven are joining us at what is a very exciting time in our journey as we head towards a new chapter. Having worked with Parkwalk for 6 years, it’s fantastic to carry on our strong relationship as we deliver on our ambitious plans. The growth we have seen in recent years is a testament to our market leading innovation and we can’t wait to use this investment to take the business to the next level.”
Moray Wright, Chief Executive at Parkwalk Advisors added: “We are excited to be supporting PervasID in their next phase of growth and innovation. With the rollout of Trackmaster 2x, the company is on a rapid growth trajectory and is a great example of the world-class innovation that is coming out of the Cambridge University ecosystem.”
Rebecca MacDermid, Investment Manager at Maven said: “PervasID’s passive RFID tracking technology is world-leading in terms of accuracy over range, and we are excited to work with industry experts, Pete and Sabesan, as they navigate a business that is on the cusp of rapid growth, with some exciting customers lined up across a range of sectors. With the increased demand for RFID tracking solutions, the company is primed for expansion and and we are delighted to be part of this journey.”
ENDS:
About Parkwalk
Parkwalk is the largest growth EIS fund manager, backing world-changing technologies emerging from the UK’s leading universities and research institutions. With £500m of assets under management, it has invested in over 180 companies across its award-winning Parkwalk Opportunities and Knowledge Intensive EIS Funds, as well as the enterprise and innovation funds Parkwalk manages for the Universities of Cambridge, Oxford, Bristol and Imperial College.
Parkwalk invests in businesses creating solutions to real-world challenges, with IP-protected innovations, across a range of sectors including life sciences, AI, quantum computing, advanced materials, genomics, cleantech, future of mobility, medtech and big data.
For more information, please go to: https://parkwalkadvisors.com/
About Maven Capital Partners UK LLP www.mavencp.com
Maven Capital Partners is one of the UK’s leading private equity firms, specialising in investments in high-growth British companies. With a focus on innovation and value creation, Maven partners with visionary entrepreneurs to build market-leading businesses, supporting a range of transaction types, including management buyouts, growth capital, buy and build projects, equity value release and pre-IPO financing.
About the Northern Powerhouse Investment Fund II
- Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
- The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland.
For investment by NRIL at the sub-fund level
- The investment from the Nations and Regions Investments Limited into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.
For investment by NPIF II sub-fund at the investee company level
- The investment from the Northern Powerhouse Investment Fund II into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.
Smaller Loans from £25,000 to £100,000 – GC Business Finance & River Capital (North West), Business Enterprise Fund (BEF) (Yorkshire and Humber) and NEL Fund Managers (North East).
Business Loans from £100,000 to £2m – FW Capital (North West), Mercia (Yorkshire and Humber) and NEL Fund Managers (North East).
Equity Finance up to £5m – Prateura Ventures (North West), Mercia (Yorkshire and Humber), and Maven Capital Partners (North East).
Applications for funding are made directly to the relevant fund managers who can be contacted via the NPIF II webpages www.northernpowerhouseinvestment fund.co.uk
About Business Durham www.businessdurham.co.uk
Business Durham is the business support service of Durham County Council which works as part of the Councils wider Regeneration Economy and Growth Directorate to deliver an attractive environment for business and economic growth.
It is a knowledgeable and trusted guide which connects businesses with the right funding, advice, and networks they need to grow and thrive.
Business Durham works closely with partners to encourage an enterprise culture, helping entrepreneurs to turn bright ideas into successful reality and students to develop enterprise skills to become our future business leaders.
The organisation manages a portfolio of business property and excels in finding the right space for businesses to grow – commercial office space, modern laboratories and industrial property units.
Business Durham attracts capital and inward investment to the county, and develops an innovative economy that enables companies to grow and flourish.
Business Durham builds long-term relationships to foster sustainable growth in businesses, raising economic aspirations and making Durham a place where business is done.
About Finance Durham
The Finance Durham Fund is part of Business Durham’s strategy to deliver economic growth across County Durham by supporting local ambitious and entrepreneurial businesses who need access to the funding they require to grow.
The Fund provides flexible equity, debt or mezzanine funding packages from £150,000 to £2 million for early stage and established businesses, investing across all sectors. It is available to companies which are based in, or relocating to, County Durham at the time the investment or loan is made.
About PervasID:
PervasID is a fast-growing technology company that designs and supplies world-leading, passive RFID fixed reader systems for automating inventory tracking, stock taking and asset management processes. Their patented products enable organisations across a wide range of markets to streamline processes by providing unparalleled visibility into goods, assets and people. No other solution on the market today can offer such accuracy, speed and cost effectiveness.
PervasID | The Most Accurate Passive RFID Reader Solution
