Sigmavision funding worth £1 million

Following the news that TreadReader developer and manufacturer Sigmavision has gained venture capital backing for its future development, further details about the funding have emerged.

Initially Sigmasvision said details of the funding package were not being released. However, financial sources report that the Cherwell Valley, Oxfordshire-based tyre technology firm has secured £1 million of venture capital funding.

Further details of those backing the project have also emerged. According to Finmes, backers include: the MEIF Proof-of-Concept & Early Stage Fund, which is part of the Midlands Engine Investment Fund and is supported by the European Regional Development Fund. All this – as we learnt in the initial reports – is managed by Mercia Fund managers. However, “private investors” are also said to be involved.