Worcester-based technology company Caption Data has banked £100,000 through its maiden funding round.
Venture capitalists Midven and Minerva Business Angel Network are leading the deal as the remote monitoring equipment provider looks to grow into new markets.
Set up in 2008, Caption Data provides a cloud-based, real-time service which allows for the access and assess of data from distant sites.
According to a statement, the £500,000 turnover business has made progress in the environmental and structural monitoring sectors – with new opportunities open through the investment.
Jon Penn, managing director of Caption Data, comments, ‘Caption Data has grown to just under £500,000 in turnover very quickly and has developed a whole suite of products, but in order to grow more significantly and sell those products internationally, we needed investment.’
Penn adds that Caption Data will be expanding into a position where it will be providing monitoring systems to original equipment manufacturers.
New backer Midven, which is located in Birmingham, currently manages five funds and has £74 million under management. It’s £8 million Early Advantage Fund backs small and high-growth start-ups in the West Midlands and is supported by the European Regional Development Fund.
More on Midven’s investments:
- Advertising platform gets help from angels and Midven
- PlayMob nets £500,000 of expansion capital
- Midven invests in AccurIC through early stage fund
Duncan Kerr, investment director at Midven, says, ‘Caption Data’s products and services are well integrated and are first-to-market as a full service cloud-based offering.
‘They have quickly established themselves in a number of sectors and there is an abundance of opportunities with companies they are currently engaged with, as well as new products which have been clearly identified.’