A business founded on technology developed at the University of Bradford has secured backing from the North West Fund for Energy & Environmental.
Bradford-based start-up Acoustic Sensing Technology has netted an investment of £650,000 to aid the development of its SewerBatt product.
The university spin-out has developed SewerBatt to assess the conditions of sewer pipes through acoustic technology.
The North West Fund for Energy & Environmental (NWFEE) has closed the deal, through manager CT Investment Partners, and installed investment manager Michael Bakewell on the board.
Acoustic Sensing Technology will use the cash to create and manufacture SewerBatt and sell it to water companies and contractors in developed parts of the world such as Australia, America and other parts of Europe.
Nick Hawkins, chief executive at Acoustic Sensing Technology, comments, ‘It has been a pleasure working with The North West Fund and CT Investment Partners and we are delighted to have them on board.
‘The funding will enable us to refine our existing product and bring more products to market over the next few years in the acoustic, water and other related fields.’
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The business, which was developed by a research team at the University of Bradford, led by Kirill Horoshenkov and Simon Tait, will move to a new office at Sci-Tech Daresbury on 18 March 2013. Its growth efforts are being led by Hawkins and director of technology Richard Long.
Sci-Tech Daresbury is one of two National Science and Innovation Campuses established in 2006 and was originally named as Daresbury Science and Innovation Campus before changing in July 2012.
In December 2010 a new joint venture company was created to promote the longer-term development of the site. Partners in the joint venture are the Science and Technology Facilities Council (STFC), Halton Borough Council and Langtree, a property developer and investor.
Bakewell, new to the board at Acoustic Sensing Technology, adds, ‘This is an exciting new investment and the first in the water industry for The North West Fund for Energy & Environmental.
‘The SewerBatt will be hugely beneficial to water companies across the globe because it can identify the quality and condition of sewers more easily, quicker and cheaper than the current technologies and methods.’
The £20 million NWFEE is managed by CT Investment Partners. Established in 2006, CT Investment Partners also advises the Carbon Trust on its clean energy venture capital investment activities.