A £1.25 million investment led by Scottish Equity Partners will be used by Cyberhawk Innovations to create new jobs and products.
Cyberhawk Innovations has been backed by Scottish Equity Partners and the Scottish Investment Bank for its next stage of development.
Livingston-headquartered Cyberhawk uses ‘flying robots’ to conduct visual and thermal inspections of structures such as utility transmission towers and wind turbines.
The business now has clients including Shell, ConocoPhillips and ExxonMobil, and has already been invested in by FTSE 100 utility company SSE.
Cyberhawk CEO Craig Roberts says, ‘The new round of investment will enable Cyberhawk to invest in the people, technology and product development required to consolidate our leading position in the market and drive global growth.
‘We anticipate that we will double our headcount in the next year and see further growth in subsequent years.’
Scottish Equity Partners’ investment will reportedly allow Cyberhawk to create jobs and expand its products and services as well as further develop the relationships it has with clients including Centric and Statoil.
Tony Robinson, senior energy executive at Scottish Equity Partners, comments, ‘The investment has come on the back of Cyberhawk establishing a growing demand for its inspection services and an impressive list of blue chip customers.
‘The management team has a strong track record, a growing pipeline of opportunities and has built a trusted brand.
‘It is operating in an exciting global market and SEP is pleased to be able to support the company’s growth plans.’
Back in February 2012, Robinson was appointed to work on Scottish Equity Partners’ newly-created £95 million Energy and Environmental fund. He joined from Aberdeen-based energy technology business Gas 2.
Scottish Equity Partners’ Environmental Energies Fund is a £95 million secondaries pot created to buy and invest in UK-based green energy businesses which were originally supported by energy company SSE as well as the fund’s blue-chip capital suppliers: Lexington Partners, Hermes GPE, F&C Private Equity and Partners Group.