Home technology firm benefits from council loan

A HOME technology company specialising in energy monitoring innovation has become one of the first recipients of support from Birmingham City Council’s new loan fund.

Install Automation, based in the city’s famous Jewellery Quarter, was set up ten years ago and evolved from a company installing CCTV equipment into one providing everything from single-room home cinema systems to whole-house automation, entertainment and energy monitoring solutions.

The company has now developed a touch-screen, fully integrated TV, heating, energy and IT hub for the home called OpenAV.

Install Automation successfully applied for £250,000 from the £10m loan fund, which was set up to help successful businesses in the city unable to access finance from traditional sources during the recession.

Loans of between £50,000 and £1m are available through the fund which is being administered by agent Investbx.

After expressing an interest in the loan, the company then presented a strong case for support to Investbx. Within weeks, Investbx guided Install Automation through the application process to a successful approval by Birmingham City Council.

Adam Kent, managing director, said: “What we are basically providing is all-in-one systems that remove all the unsightly electronic equipment and enable touch-of-a-button control either at home or remotely.

“Although we have recently received a string of awards, investments and grants, as well as continuing to perform well despite the recession, we have found it virtually impossible to secure finance to help us to further develop OpenAV to the next stage and take it to a wider market.”

He said the company had developed something completely unique in the high-growth home automation and energy management sector.

“Not only is this technology great for entertainment, the energy management facility enables users to track use and cost of heating and lighting, meaning there is a real sustainability element to our work,” he added.

Mr Kent said currently, 95% of the technology in the sector came from the United States.

“We’re competing against companies with multi-million pound budgets so the loan is invaluable in accelerating the development of our latest ideas and turning them into reality,” he said.

Cllr Neville Summerfield, cabinet member for regeneration, said: “Install Automation is a fantastic example of innovation taking place right here in Birmingham.

“However, despite being successful and profitable, they have been unable to access finance because of the tightening of lending streams.”

He said the authority wanted to support groundbreaking businesses such as this, which was why it had established the loan fund.

To help smaller businesses seeking investments of between £1,000 and £50,000, the council has also put aside further financial support into a £2m fund to be delivered through fellow investment specialists ART (Aston Reinvestment Trust) and Arrow.