News

A business offering innovative solutions for the satellite technology and space communications sector is the latest company to benefit from an Enterprise M3 Expansion Loan.

Guildford-based business Clutch Space Systems (CSS) has received £300,000 to help support its growth plans, enabling the immediate expansion of its technology, sales & marketing capabilities.

Satellite technology is used across many commercial, government and military applications from TV, radio and internet provision, to navigation systems and weather forecasting.  The space sector is growing exponentially, with experts valuing the market at anything between £400 billion and £1trillion by 2040.

Ground stations, which process the data received by antenna systems from satellites, typically use bespoke legacy hardware systems to process the signals into a functional format that can be sent on to the end user.

CSS has developed a unique software solution for these satellite ground stations that can expand existing inflexible and costly hardware systems currently in use with a lower cost, easily deployed solution. 

The software has been developed by CSS experts, who have over 130 years’ experience between them in the space sector, to robust industry standards using automated test regimes proven to stress test the system’s resilience and robustness. 

Satellite technology is a growing market, being transformed by new opportunities for commercial exploitation, but this has brought some challenges, as CSS co-founder and CEO, Martin Philp, said: “a bottleneck is occurring due to the limits of a signal processing infrastructure that is unable to deliver in line with demand. Our software offers high functioning, reliable and flexible solutions that can reduce the cost, risk and complexity of satellite development and operations for both new and existing players in the sector. We are delighted to have secured this funding, which will allow us to recruit additional staff, further develop our product and infrastructure, increase marketing and really take hold of the global opportunity available to us.”

Derek Ellis, Fund Manager at The FSE Group, which manages the Enterprise M3 Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), added: “during this time of uncertainty for many businesses, we are delighted to continue supporting CSS with their efforts to deliver a technology that can support communications across the globe. The management team are well-connected and highly regarded in the sector and in a strong position to take the business forward. We look forward to working with them over the coming months to help them achieve their goals.”

Kathy Slack, Director, Enterprise M3 LEP, commented: “Space technology is a sector which continues to show an exciting level of growth within the EM3 region, so I am particularly pleased to see Clutch Space Systems benefiting from an expansion loan. It’s wonderful to see the EM3 Funding Escalator continuing to help businesses grow, even in times of economic uncertainty.”

The Enterprise M3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, a £10million initiative funded by Enterprise M3 LEP. The escalator, which also includes a short-term trade loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the Enterprise M3 area.

For more information about Clutch Space Systems Ltd visit https://www.clutchspace.com/

A Cornish software developer has secured a £150,000 loan to take its business to the next level with the support of the Cornwall and Isles of Scilly Investment Fund (CIOSIF).

Caterbook, based in Camelford in North Cornwall, is a cloud-based hotel management platform providing hotel owners and managers with a sophisticated solution for handling bookings, payments and much more.

Business owners, Chris and Sally Noon, gained their expertise in the sector whilst selling a third-party product for over 10 years but, as they became increasingly frustrated by its limited functionality, took the decision to develop their own software solution for the industry.

Their platform automates and simplifies many of the repetitive daily tasks facing hotel managers, whilst providing an interactive dashboard, intuitive reporting and integrated payment system.

The £131,250 CIOSIF loan is complemented by a co-investment of £18,750 from SWIG Finance. The £40m CIOSIF 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 (LEP) and is operated by appointed fund manager, The FSE Group.

Whilst the impact of Covid-19 is undoubtedly taking its toll on the hotel industry across the region and beyond, Chris and Sally believe it will provide an opportunity for managers to review their systems and practices and look to integrate new systems that can help strengthen their position for when we are through this current crisis.

Chris said: “We want the industry to know that we are still here, working hard to provide them with a robust system that can save them time and money. The funding from CIOSIF will allow us to further develop our solution and ensure the platform continues to offer what our clients need. We are grateful to FSE and SWIG for their ongoing support at this challenging time.”

Mike Chapman, business manager at SWIG Finance, who are working with FSE to deliver smaller CIOSIF business loans, adds: “Chris and Sally’s experience in this field is extensive and they have established a good reputation both across the region and nationwide. This helped them secure strong early sales for their impressive platform. We know that the coming months will be tough but we are here to support them and help ensure their business is in a position of strength when we come through the other side.”

Lloyd Brina, Senior Manager at the British Business Bank, said: “This deal is a good example of a growth business that has created an innovative product but needs extra capital to develop it further and grow sales. We are pleased that CIOSIF is providing important funding to support growth at Caterbook and would encourage similar businesses to consider the options available through the CIOISF to see if it can help fund growth.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “Caterbook are part of a growing tech industry in Cornwall and this is the third investment by the fund in a software business, spanning retail, accountancy and now hospitality, and all operating nationwide. Many B&Bs, guest house and hotels are using this time to review their systems, including how they manage bookings.”

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

A software and consulting business specialising in supporting businesses with becoming more efficient is set to grow with the support of a £100,000 loan from The Greater London Investment Fund.

Xendl Limited which has been established in the United Kingdom since 2014, is an innovative and diligent software company led by an expert team of SAP & Oracle Development, Data & Security industry professionals carrying a wealth of over 30 years cross vertical industry experience. The funding will help support the company with hiring three new staff members to help increase growth in both the business’s consulting and SAP software services.

Nicolas Winston, CEO at Xendl, commented, “As a growing software company, access to funding was key to our success. The FSE Group allowed us the flexibility to explore options other than equity investment. Working with the group (via Paul) was a real pleasure and securing our funding has recently helping us drive revenue up almost immediately through the development of new software solutions that have already hit the market.”

Paul Shadbolt, Senior Fund Manager at The FSE Group, said, “I am delighted we have been able to support Nick and his team with growth funding for new staff hires in London using Mayor of London’s Greater London Investment Fund. This will enable Xendl Software to develop new software solutions and expand their consulting capacity”

Maggie Rodriquez-Piza, CEO at Funding London, added, “It is a great pleasure to support ambitious founders like Nick, on their journey to success. We are delighted to be the catalysts for Xendl’s growth by proving the capital needed to expand the team and operations.”

GLIF is a £100m initiative to help address the SME finance gap in Greater London, promoting economic growth through enterprise and an inclusive and sustainable economy. £55m of debt funding is available, via loans between £100,000 and £1m, to early-stage and established SMEs looking to scale-up and realise their growth ambitions. GLIF is financed through the European Investment Bank (EIB), European Regional Development Fund (ERDF), London Waste & recycling Board (LWARB) and Funding London’s Legacies.

Cornish high-speed broadband provider, Wildanet, has secured further equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF). The additional £400,000 will help the company to continue its roll-out of internet services to the thousands of homes and businesses across the county, that currently lack adequate broadband provision.

This latest funding follows an initial £750,000 CIOSIF investment last year. Since then, Wildanet has extended its infrastructure, which uses state of the art wireless radio technology, so that it is ready to connect over 100,000 properties. That’s over one third of Cornish homes, many in hard to reach areas, that could be accessing a guaranteed a minimum internet speed of 30Mb/s, going up to a lightning-fast 1Gb/s.

Wildanet is affected like most other businesses by the Covid-19 crisis, but they also appreciate that now, more than ever, high-quality internet is critical to keep Cornish businesses and residents connected. With the new funding, the company will take on new staff and increase its capacity to deliver its services more widely and quickly.

Wildanet’s CEO and Founder, Ian Calvert, said: “The coming months are going to be difficult for all businesses and we are no exception, but with Cornwall still lagging behind much of the UK when it comes to reliable internet, we feel strongly that we must push forward with a ‘business as usual’ approach as far as possible. We look forward to continuing to work with the CIOSIF team at The FSE Group, who have supported us over the last year.”

Ralph Singleton, The FSE Group’s Head of Funds in Cornwall, added: “Wildanet has made steady progress, building a customer base of more than 500 households and businesses. Their offering has impressed us from the start and this is now endorsed by the company’s exceptional customer retention rates. We hope this investment will be the stepping-stone to a major future funding round, which would allow the business to reach its full potential across its current WiFi technology, as well as further develop the progress they are making with fibre technology.”

Lloyd Brina, Senior Manager at the British Business Bank, said: “Wildanet has grown from being a young start-up to an established provider in Cornwall in a very short time and their minimum speed guarantee, especially in hard to reach areas, has helped set them apart in a competitive market. We’re delighted that the fund is supporting their continued growth with further equity investment.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “Wildanet have evolved their offer to become a hybrid supplier combining wireless, satellite, 4G and fibre technology, and hope to employ 50 staff by the end of 2021. It’s that technical innovation and growth which is so exciting to see, and why the investment fund was created in the first place to support growing businesses in Cornwall and Scilly.”

The £40m CIOSIF 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 (LEP) and is operated by appointed fund manager, The FSE Group.

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.

Evolve Dynamics, a Surrey-based drone company which produces mission specific UAV / RPAS (drones) hardware and software solutions for the emergency services, law enforcement and defence sectors, has secured its first significant round of institutional funding which it will use to further product development, R&D and company expansion.

The funding round was led by the Cass Entrepreneurship Fund, alongside The FSE Group and an angel investor.

The funds will be used to continue to develop the current and new products in dialogue with the market and customers. Evolve Dynamics’ core product, the Sky Mantis drone, offers customers an industry leading flight time, higher wind resistance than competitors, dual camera payload and extreme weather capability. The company will continue to undertake extensive R&D to maintain the product’s superior performance and ability to retail at highly competitive price points.

In response to strong and rapidly increasing market demand, with inbound orders accelerating, further planned hires will strengthen the operations and engineering functions in order to successfully scale the company and enter new markets where its products offer a strong value proposition, such as the energy sector.

CEO and founder of Evolve Dynamics, Michael Dewhirst, said: “The funding will help us invest into R&D and hardware, as well as new hires and larger premises to scale in response to market demand. We are excited to be backed by the Cass Entrepreneurship Fund, FSE and the angel investor, which will help us respond to the opportunities in front of us.”

Founded in 2016, Evolve Dynamics was formed to address the growing need for drone solutions among emergency services and rapid response forces. Prior to the Sky Mantis, budget constraints meant that police forces tended to purchase consumer drones which weren’t up to the standards required of their use cases: inspections, rescue operations, and searches. In its first three years, the Evolve Dynamics team formed relationships with their eventual customers and undertook extensive discovery research and development. This research fed into the design specifications that make the Sky Mantis drone useful and accessible to police forces, whilst meeting various requirements for flight time, durability, portability and price.

Beyond its domestic market, Evolve Dynamics is well placed to scale geographically and capitalise on the significant growth of the global drone market across the commercial, military and civil government sectors. Alongside a concentration on servicing its core market, the company intends to continue R&D and product development in order to ensure that its drone solutions offer versatility across use cases and sectors.

The Investment Director of the Cass Entrepreneurship Fund, Helen Reynolds, said: “We are delighted to support the Evolve Dynamics team, who have demonstrated the value proposition of their product to their target market with strong growth to date. We’re very pleased to be helping them scale and expand into new markets. The company has an impressive number of orders already for the next few months and customer satisfaction with the drone’s performance in a range of scenarios has been excellent.”

Senior Fund Manager of The FSE Group, Paul Lyristis, added: “We are delighted to add Evolve Dynamics to our portfolio of companies supported by the Enterprise M3 Growth Fund. Evolve, a Guildford-based company is the UK’s leading manufacturer and supplier of drones and ancillary equipment to this country’s emergency services and we are proud to have invested in a company whose drones have been used to save lives. Michael Dewhirst has put together a highly experienced team and they have all the attributes to build Evolve into a world-class business. We wish them all the best for the future”