Technology developer for the manufacturing sector, Surface Generation, has closed a £1.4 million financing, partly raised through business angel network Envestors.
Technology developer for the manufacturing sector, Surface Generation, has closed a £1.4 million financing, partly raised through business angel network Envestors.
Envestors, which is owned by the AIM-listed Braveheart Investment Group, raised £1 million of the total through their network of business angels, high net worth individuals and family offices, says a statement from Braveheart. The remaining £400,000 has been committed to the business from existing shareholders and the management team.
Surface Generation develops reconfigurable pin tooling for component manufacturing. Its patented technology cuts lead-time in large- and short-run component manufacturing. Established in 2002 and based in Leicestershire, the business serves the international automotive and aerospace industries.
The recent fundraising round for the company, which is led by chief executive Ben Halford, follows an investment of £425,000 last year, also secured through Envestors.
Murray Steele, chairman of Surface Generation, comments, ‘The money raised through Envestors, existing shareholders and management will help fund investment in our advanced processes and exploit new market opportunities globally.’
