North West Fund invests in Acoustic Sensing Technology (UK)
A SPIN-OUT from the University of Bradford has secured £650,000 of equity investment from The North West Fund for Energy and Environmental.
Acoustic Sensing Technology (UK) has developed SewerBatt, a low cost acoustic technology product that assesses the condition of sewer pipes.
The product has been developed by a research team at the university, led by Professor Kirill Horoshenkov and Professor Simon Tait.
Acoustic Sensing Technology will use the investment to create and manufacture the SewerBatt and sell it to water companies and contractors in developed parts of the world such as Australia, America and Europe.
The company’s chief executive Nick Hawkins and director of technology Richard Long have worked with the University of Bradford and The North West Fund to bring the product to market and were advised by Rachel Neems at Clarion.
Acoustic Sensing Technology (UK) is to open its new office at Sci-Tech Daresbury, Cheshire.
The North West Fund for Energy & Environmental, managed by CT Investment Partners, is part of The North West Fund, which is financed jointly by the European Regional Development Fund and the European Investment Bank.
Mr Hawkins said: “It has been a pleasure working with The North West Fund and CT Investment Partners and we are delighted to have them on board.
“The funding will enable us to refine our existing product and bring more products to market over the next few years in the acoustic, water and other related fields.”
Michael Bakewell, investment manager at CT Investment Partners, which manages The North West Fund for Energy and Environmental, will join the board of the company as a non-executive director.
Mr Bakewell said: “This is an exciting new investment and the first in the water industry for The North West Fund for Energy & Environmental. The SewerBatt will be hugely beneficial to water companies across the globe because it can identify the quality and condition of sewers more easily, quicker and cheaper than the current technologies and methods.”