Cable-Sense secures £800k funding from The North West Fund for Energy & Environmental and UMIP Premier Fund
Cable-Sense has secured £800,000 funding from The North West Fund for Energy & Environmental, managed by CT Investment Partners and UMIP Premier Fund, which is managed by MTI Partners.
Technical director John Kelly and Professor Tony Peyton founded the Lancaster based business in 2004, which has developed an innovative intelligent infrastructure management system that allows organisations to improve the management of their cable networks reducing energy, capital expenditure and operations costs whilst improving utilisation of assets and giving improved service levels.
The firm, which aims to expand overseas and triple its turnover by 2014, has been working closely with the School of Electronic and Electrical Engineering at the University of Manchester to bring its products to market over the past few years. It received £650,000 from The North West Fund for Energy & Environmental and £150,000 from UMIP Premier Fund in equity funding.
The North West Fund is financed jointly by the European Investment Bank and the European Regional Development Fund.
Cable-Sense will boost its recruitment drive and take on a number of additional roles in sales, marketing and product development.
Michael Bakewell, investment manager at CT Investment Partners will join the board of Cable-Sense with immediate effect.
Geoff Butcher, chief executive of Cable-Sense, said, ‘Working with The North West Fund for Energy & Environmental and UMIP Premier Fund will provide us with the resources to rapidly develop our business.
‘Their knowledge and expertise in the green IT space has added tremendous value to our company. We are confident that we can fill a substantial gap in the market and develop both nationally and internationally.’
Michael Bakewell said, ‘The green IT sector is thriving at the moment because of the increasing pressures for businesses to adopt eco-friendly practices and reduce energy costs. Businesses are looking for ways to reduce costs more than ever before and Cable-Sense is dedicated to delivering significant savings across your cabling network.’
Mark Rahn, partner at MTI which manages the UMIP Premier Fund, said, ‘We are delighted that Cable-Sense has progressed and has attracted a quality investor in the green IT space, following on from our proof of principle and seed investments.’