Sigmavision wins venture capital from Mercia Fund Managers consortium
(l to r) Bill Yost, Mercia investment manager; Andrew Pryce, Sigmavision managing director; Chris Coyle, Sigmavision sales director
Sigmavision Ltd has announced that it has gained a major financial investment, which the company says will be used to “further accelerate the company’s rapid growth”. The funding comes from a consortium led by Mercia Fund Managers, which has invested “a significant undisclosed sum”, with the option of “substantial follow-on funding”.
According to the company, the investment represents a considerable opportunity for the global automotive aftermarket to benefit from Sigmavision’s patented 3D tyre measurement technology. Funds will be deployed to rapidly scale production capacity, to meet the increasing demand for Sigmavision products and services. The investment will also enable the development of a global Sales and Aftersales Support Network and accelerate product development.
Mercia Fund Managers has a track record of investing in innovative and market leading technology businesses in their sectors, and taking minority shareholdings to leave management free to develop their businesses. Their aim is to provide a ‘Complete Capital Solution’, offering a range of debt, venture and growth capital to qualifying, UK based businesses.
Dr Andrew Pryce, Sigmavision’s managing director, commented: “Mercia has set the bar very high, so we are incredibly proud to qualify for their investment. We are also excited to have found a finance partner who can deliver significant follow-on funding as we grow our business on a global scale”.
Dr Pryce added: “Having developed 3D tyre measurement for the automotive aftermarket, we chose initially to distribute our technology, branded TreadReader™, through an exclusive supply agreement with Hunter Engineering. This exclusivity has now ended, and we are free to supply the entire, global market with our Drive Over and Hand Held Scanner solutions.”
“Over the next 12 months, we will be making some exciting announcements about product developments about how and where we do business. Our ambition is nothing short of making 3D tyre measurement the de facto, industry standard.”
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