The North West Fund for Venture Capital has backed the software-based security company 4i Security, injecting £320,000 in growth capital for the Blackburn-based business.
The investment, which was made through the fund’s manager Enterprise Ventures, has been complemented by the appointment of North West entrepreneur Nick Owen as chairman of 4i Security’s board. Owen also invested in the company alongside the fund.
Managing director Mark Slater and technical director Matthew Brough founded the business in 2007. The company’s automated software aims to limit false alarms and call-outs by increasing security measures.
Slater comments, ‘We have demonstrated innovation that is light years ahead of any other security company and have produced a product and service that will change the way electronic security is provided. The introduction of investment from the fund, knowledge from the EV investment team and the appointment of Nick Owen will allow us to take 4i to another level.’
EV fund manager Richard Young adds, ‘The company is demonstrating how its new generation of smart security systems can become a productivity tool in the modern business, as well as cutting out distracting false alarms and needless out-of-hours call-outs.’
The North West Fund for Venture Capital is part of the £185 million North West Fund.
The evergreen fund is the umbrella name for six funds that can be accessed by small and medium sized enterprises based in, or relocating to, the region. Amounts from £50,000 to £2 million provided through debt, equity and quasi-equity investment will be available for businesses to start, develop and grow.