JET Connectivity, a business that is helping meet pan-industry demand for 5G enabled activity at sea has received funding from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), managed by The FSE Group, as well as UK based and international private investors.
The £1million investment, which includes £500,000 from CIOSIF, will help JET Connectivity establish itself as a national player in the UK, open a new facility in Cornwall and begin the rollout of its proprietary mesh network prior to a follow-on equity raise to secure a capital rollout fund.
JET Connectivity is working to deliver cost effective and resilient 5G communications and data transmission technology for the emerging industry sectors of the marine environment including aquaculture, offshore renewables, port/shipping operations, and defence/security.
The solution is delivered through world-first 5G connected floating and self-powered buoy platforms. The platforms are fitted with JET’s proprietary 5G routers and user equipment, which enables pop-up network capabilities within any applied maritime industry. This network delivers secure, high-speed communication capabilities, continuous multi-sensor monitoring, data collection and edge processing, tailored to end-user requirements.
James Thomas, JET Connectivity CEO, said: “High-speed connectivity at sea saves lives, protects our environment, and ensures stable growth of the blue economy. Existing infrastructure cannot support the collection and transmission of data required by marine industry 4.0 applications, which is where our technology comes in.
"This CIOSIF investment comes at a pivotal moment in our growth journey as we create strong foundations for our next stage of development. In FSE we have found a well-networked funder, experienced in supporting early-stage businesses, that can add value as we grow our Cornwall presence to help deliver large infrastructure support projects, such as floating windfarm communications in a sustainable manner.”
JET will be employing maritime specialists in Cornwall, with the expertise that the area has to offer being pivotal for the company’s growth in the offshore renewables, environmental and port sectors.
Anna Staevska, Investment Manager at The FSE Group, added: “JET Connectivity was established in response to an unmet need in a niche market and the team has worked in partnership with the sector to develop an offering that is in high demand. In just three years the company has established a position as a market leader in 5G at sea, gaining a strong pipeline and early traction with both UK government and key industry players. We are delighted to be supporting this exciting business.”
The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership.
Paul Jones, Senior Investment Manager from the British Business Bank said: “There is increasing demand for data-driven maritime solutions spanning a range of sectors and JET Connectivity is well-placed to meet that demand. I'm delighted that CIOSIF will be supporting their further growth.”
John Acornley, Chair of the CIOSIF advisory board and former LEP non-executive director, said: "JET Connectivity is taking offshore communications to the next level through its wireless 5G network. With Cornwall's rich maritime heritage and ambition to capitalise on the development of floating windfarms in the Celtic Sea, there is considerable growth opportunity in the region and further afield."
JET Connectivity’s technology is also helping marine businesses meet their sustainability goals. For example, port weather delays result in ships idling outside of port, releasing up to three tonnes of CO2 per hour. Improved connectivity for conveying accurate weather, sea-state and environmental data from ocean to ports enables port operators and ship personnel to make informed decisions in real-time that can lead to reduced CO2 emissions.
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.
For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk or follow the fund on Twitter at @CIOSIFBBB2