Tech firm secures £160,000 worth of private equity funding

Private Equity firm Maven Capital Partners has invested £160,000 in data analysis business, Innotech Insights on behalf of NPIF – Maven Equity Finance.

The funding, part of the Northern Powerhouse Investment Fund, will support the expansion of Innotech’s sales team, investment in product development and the roll out of the Leeds-based company’s flagship analysis system product, Crowded.

Innotech provides public and private sector organisations with the information they need to make major planning decisions by accurately monitoring pedestrian movements in an area, indoors or out.

The company’s main product is called Crowded. It collects and auto-analyses pedestrian movement data by installing scanner devices which track each individual that moves through a particular area via their mobile phone.

It reduces the cost of obtaining such information, while at the same time capturing a broad range of data. The technology brings added value to adjacent markets, such as physical advertising, by recording the movement of people throughout areas of interest where advertising revenue is monetised by way of footfall volume.

Liam Wright is founder and Managing Director of the business. He had accumulated more than 15 years of experience in transport and people data collection before launching Innotech.

Alex Rothwell, Investment Manager at Maven, said: “Innotech’s technology is a pioneer in its field for this type of data system.

“Liam and his team have have identified a definite and growing need for a reliable source of information and understand that to achieve this, projects must be led by technology and not be process, procedure or man-power driven. We look forward to working with Liam as he expands the sales team in Yorkshire and embarks upon an exciting programme of growth.”

Wright said: “We are excited to start this new chapter with Maven and the support, experience and knowledge that they bring through both NPIF and their own great team gives us every advantage moving forward.

“Being granted the investment from Maven is a huge milestone for Innotech Insights and allows us to grow a phenomenal team of professionals around our existing research and software products, as well as continue to strive for excellence in our field through innovation and collaboration.”

Grant Peggie, Director at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities.

“We are pleased that NPIF is continuing to unlock the North’s growth potential by supporting small, growing businesses with vital investment.”

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