Sound investment for North West Fund
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, which uses acoustic technology to assess 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. It is moving to a new office at Sci-Tech Daresbury, Cheshire as a condition of the investment.
Acoustic Sensing Technology will use the money 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 said: “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.”
The North West Fund for Energy & Environmental, managed by CT Investment Partners, is part of the £155m North West Fund, which is financed jointly by the European Regional Development Fund and the European Investment Bank.
