A Farnborough based business operating in the security market is the latest to gain funding from the Enterprise M3 Growth Fund. The £150,000 investment has been privately matched to complete the £300,000 funding round.
TriCIS deals with secure IT equipment, TriCIS specialises in the assembly of TEMPEST equipment, which involves adapting standard communications and IT products to remove electromagnetic emissions, making them suitable for both military and other governmental use. The company also specialises in adapting equipment for extreme or ‘rugged’ environments e.g. military field operations.
Having spent a number of years working for big multinationals operating in the sector, TriCIS’ founders, Antony Summerfield, Rob Cook and Tim Luxford, spotted an opportunity to launch their own business earlier this year. Capitalising on their extensive contacts and highly specialised skill set, the trio has already succeeded in winning a number of significant government contracts, which has been helped by a timely change to government commissioning processes.
CEO, Antony Summerfield, explains: “the TEMPEST market is dominated by large corporates with overseas headquarters but recent changes to UK government procurement has led to an increase in the use of SME suppliers. Coupled with a move by the Ministry of Defence towards working with SME British businesses, this presented us with an opportunity to quickly establish ourselves as a preferred supplier in this niche market. As not only do we have one of the country’s few qualified TEMPEST engineers as a co-founder, but we are also the only wholly British company operating in the sector.”
The £300,000 investment will be used to employ additional engineers to service the considerable contracts already secured and to facilitate further growth.
Dr Mike Short, CBE, Chairman of Enterprise M3 Local Enterprise Partnership (LEP), comments: “Communication security is vital to the business environment we have today. So the need for start-ups like TriCIS, cannot be over-emphasised. The company has grown rapidly since it was established and we are pleased to offer support to drive their ambitious goals, generate employment and further economic growth in our LEP area.”
Ralph Singleton, Fund Manager at The FSE Group which manages the Enterprise M3 Growth Fund on behalf of the LEP, adds: “it’s unusual for a new company to achieve this level of traction so quickly but such know-how in the field along with a proactive approach has prompted fantastic results in just a few months. The TriCIS team is looking to expand its TEMPEST and rugged offering into the secure server market as well as exploit further opportunities by offering its professional services for training and consultancy. The company is well positioned to take advantage of the prospects available and we look forward to working with the team to help them reach their goals.”
The Enterprise M3 Growth Fund is part of the Enterprise M3 Funding Escalator, a £5.5million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which also includes an expansion loan scheme, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.
For more information about the Enterprise M3 Growth Fund please visit http://www.thefsegroup.com/fund/enterprise-m3-growth-fund/ or contact Ralph Singleton at firstname.lastname@example.org tel: 01276 607307.
Notes to Editor:
“Local Growth Fund”
Local Enterprise Partnerships are playing a vital role in driving forward economic growth across the country, helping to build a country that works for everyone.
That’s why by 2021 Government will have invested over £12bn through the Local Growth Fund, allowing LEPs to use their local knowledge to get all areas of the country firing on all cylinders.
Analysis has shown that every £1 of Local Growth Fund invested could generate £4.81 in benefits.
If you would like some further facts about the Fund, or the wider regeneration work going on across the country, please contact DCLG press office by emailing NewsDesk@communities.gsi.gov.uk in the first instance to request any additional information you might need.
Some additional key facts:
- There are 38 LEPs covering the whole of England
- The government has awarded £9.1bn in three rounds of Growth Deals to local areas to drive economic growth.
- LEPs are investing in a wide range of projects informed by detailed analysis of the most pressing economic needs in each of their areas, including transport, skills, business support, broadband, innovation and flood defences.