Start-up boosted by six-figure investment from Northern Powerhouse fund
Stream Sensing, a Manchester-based start-up launched a year ago, has been boosted by a six-figure investment to fund the next stage of growth.
The company is a specialist in advanced industrial rheology and provides next generation flow property sensors used for the quality control of fluid products.
Clients are expected to be manufacturers in the fast moving consumer goods (FMCG) sectors including large blue-chip organisations.
The investment was secured from NPIF – Maven Equity Finance, managed by Maven Capital Partners and part of the Northern Powerhouse Investment Fund (NPIF).
The NPIF funding will allow the business to embark on the next stage of its growth journey, developing a new innovative generation of rheometers that use heat pulse technology to quickly and accurately measure the flow profile of liquid in a pipe.
With greater investment into R&D, the company is looking to improve its technology to provide greater quality control whilst also working more efficiently and accurately, broadening is commercial appeal.
Stream Sensing’s technology has applications in multiple sectors and is now targeting new lucrative industries, such as specialty chemicals, pharma and oil and gas.
Stream Sensing CEO Ken Primrose specialises in business planning for spinouts from universities.
He said: “Our new steps in rheology instrumentation present advances in process efficiency, digital manufacturing and what is called the ‘Fourth Industrial Revolution’.
“I am very excited at the opportunities opening up with the NPIF investment.”
Dean Cox, investment manager at Maven, said: “Stream Sensing’s management team have a strong reputation in their highly specialised sector and are excited to be supporting a business that has developed a proprietary technology that provides a unique quality control solution.
“During our diligence, several blue-chip organisations endorsed the team, the technology and the customer value proposition of Stream’s technology. Ken is a driven leader in his technical field with a compelling strategy and vision for the company and we look forward to working with him in helping to drive the business forward.”
North West law firm Napthens provided legal advice on the transaction, with partner Keith Melling and senior associate Joanne Cooper from the commercial division overseeing the deal.