A remote technology company that has tripled in the past two years has raised an additional £ 480,000 to help it expand into new markets.
Durham-based Plexus Innovation secured a £ 300,000 investment from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia; and £ 180,000 from the Finance Durham Fund, managed by Maven Capital Partners, set up by Durham County Council and overseen by Business Durham.
The GUARDIAN of Plexus Innovation® the technology remotely monitors and measures the temperature, CO2, humidity and water systems, enabling decisions based on insights, reducing energy consumption and providing real-time data for use in compliance reports. The system also provides automatic alerts to highlight potential health risks or resource failures that might otherwise be overlooked.
KEEPER® is used by clients in industries such as social housing, education, health and care, with clients including Believe Housing, North Star Housing Group and Careline Lifestyles. The funding will enable co-founders Ian Murray and Steve Todd to accelerate product development and increase market penetration in other industries, including manufacturing, leisure and hospitality.
The latest investment follows a £ 400,000 funding round in 2020. Since then the company has tripled to hire a team of eight and plans to create 2 new jobs in the coming months.
Alex Simpson, Mercia’s investment manager, said, “Plexus Innovation is on a mission to replace manual measurement and make remote monitoring the norm. The initial funding round allowed Steve and Ian to build their team and establish their presence in the social housing and care sectors. The latest investment will allow them to extend it to a much wider range of customers. “
Michael Dickens, Investment Manager at Maven, said: “Plexus Innovation has developed an innovative proprietary product that addresses legislative issues, pushing compliance and asset management into the 21st century.st Century. Remote technology is attracting high-profile customers focused on Net Zero, business improvement and providing better services to tenants, residents, patients, students or their customers. This means that the market opportunity is significant. “
Ian Murray, founder of Plexus Innovation, said: “We are successfully implementing our innovative GUARDIAN® technology across a wide range of industries and our current customers have seamless compliance management delivered remotely. By providing a digital alternative to manual controls, GUARDIAN® has proven to be affordable, reliable and accurate. It provides real-time data with a complete audit trail, reduces risk, and detects a number of key issues not possible through manual measurement.
“This investment means we can now launch GUARDIAN® even more, by helping more finance, environment, compliance, health care, facility manager and maintenance teams do their jobs better. We will also enable instant and significant improvement for those on the road to Net Zero. “
Cllr James Rowlandson, Cabinet Member for Resources, Investment and Resources at Durham County Council, said, “We are delighted to support this innovative company as it continues to grow in the Tanfield Lea Business Center. Through the support of Finance Durham, we can ensure enterprising companies with dynamic ideas, such as Plexus Innovation, the right means to grow in County Durham. Since we declared a climate emergency, we have been actively seeking practical support for our business community to enable them to reduce their carbon footprint, it’s great to know that Plexus is able to help companies meet their low carbon ambitions. carbon emissions “.
Antonia at Plexus Innovation
Marketing and Communication Manager
Mercia Asset Management PLC
+44 (0) 7464 480 137
Public relations agent
+44 (0) 161 860 6063
+44 (0) 780 163 9816
Information on plexus innovation
Ian Murray and Steve Todd founded Plexus Innovation to solve the challenges posed by manual monitoring of environmental data. To develop GUARDIAN, they drew on their heritage of bringing exciting new solutions to market, as well as a shared background in technology, innovation and product development.
GUARDIAN is an automated remote measurement and alarm system that focuses on environmental data, including temperature, to reduce the risk of legionella and ensure that the water or temperature is at an optimal level to protect health. Plexus Innovation’s technology comprises a combination of remote monitoring hardware and software.
About Mercia Asset Management PLC
Mercia is a proactive and specialized asset manager focused on supporting regional SMEs to realize their growth aspirations. Mercia provides capital through its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s “Complete Connected Capital”. The Group initially feeds the companies through third-party funds under management, then over time Mercia can provide additional financing to the most promising companies, employing follow-on capital from direct investments from its balance sheet.
The Group has a strong presence in the UK through its regional offices, 19 university partnerships and extensive personal networks, which provide it with access to a stream of high quality deals. Mercia currently has around £ 800m in assets under management and has invested over £ 96m in its direct investment portfolio since its IPO in December 2014. Mercia Asset Management PLC is listed on AIM under the epic “MERC”.
The Group collects its Venture Capital Trust (VCT) and Enterprise Investment Scheme (EIS) funds and details on open offers are available on the Mercia website.
Mercia Asset Management PLC is listed on AIM under the epic “MERC” and includes the following wholly owned subsidiaries:
- Mercia Fund Management Limited is authorized and regulated by the FCA under the reference number 524856
- Enterprise Ventures Limited is authorized and regulated by the FCA under the reference number 183363
- EV Business Loans Limited is authorized and regulated by the FCA under the reference number 443560
About the North East Fund
The North East Fund is a suite of five venture capital and loan funds which was established in April 2018, to invest £ 120 million in approximately 600 North East companies over the period to March 2023. The fund managers they provide business development advice and investment finance to small and medium-sized businesses. medium-sized enterprises based in the seven local authority areas of north east England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The program encourages investment and commercialization of new technologies, including low-carbon technologies, as well as stimulating the creation of new businesses, private investment and entrepreneurship in the Northeast, with the aim of creating over 2,500 new jobs. The North East Fund has overall responsibility for the program, which is provided through five separate funds, each managed by independent FCA regulated fund managers. Details of these and up-to-date information on the progress of the program are available on the North East Fund website: www.northeastfund.org
The North East Fund was established with funding from the North East England European Regional Development Fund program, the European Investment Bank and the returns of previous publicly supported investment funds based in the North East. It is jointly owned by the seven local authorities of the north-east
On the European Regional Development Fund
The North East Fund will receive up to £ 58.5 million in funding from the European Regional Development Fund of England under the European Structural and Investment Funds Growth Program 2014-2020. The Ministry of Housing, Communities and Local Authorities is the managing authority of the European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps territories to stimulate their economic development by investing in projects that will support innovation, businesses, create jobs and the regeneration of local communities. For more information visit https://www.gov.uk/European-growth-funding.
On the European Investment Bank
The European Investment Bank (EIB) will lend up to £ 60,000,000 to the North East Fund program. The European Investment Bank is the long-term lender of the European Union owned by its Member States. It makes long-term funding available for solid investments to help achieve EU policy goals. For more information visit: http://www.eib.org/about/index.htm
Plexus Innovation Secures £ 480,000 Investment From Mercia and Maven Capital Partners – UK Technology Investment News
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