Multimillion-pound funding injection for fast-growing tech company
Manchester technology start-up, SamsonVT, today (January 26) announced it has received £3.78m in seed funding with investment led by Par Equity, with participation from US-based Blumberg Capital.
The firm has developed Industry 4.0 solutions that are transforming product maintenance and after sales, a $400bn market. SamsonCORE, for example, is changing the way maintenance engineers work by replacing paper-based technical manuals and parts catalogues with 3D models.
The company was co-founded by Sam Burgess and Ed Brunyee in 2017 after they saw an opportunity for emerging technologies, including immersive 3D modelling and machine learning, to solve the challenges OEMs (original equipment manufacturers) encounter when managing the life cycle of equipment on a global scale.
Sam, a former team leader in the Royal Engineers, and Ed, a corporate finance advisor, both had experience advising and supporting multi-national organisations, and realised there was the potential to provide critical solutions to the multibillion-dollar after sales market – a market that has traditionally been underserved by the technology sector.
The company has since undergone rapid growth with a fast expanding client base that includes global businesses Lotus, RS Components and Norton Motorcycles.
The funding will be used to support SamsonVT’s aggressive global growth strategy, which includes plans to develop new and existing products, enhance customer service and scale production as the company expands into new territories.
Advisors at Sand Hill East are supporting SamsonVT through its next phase of growth in sales, marketing and business development, as well as strategically preparing for entry into the US.
Sam Burgess, CEO and co-founder of SamsonVT, said: ‘‘Having the support of Par Equity, Blumberg Capital and Sand Hill East is a powerful endorsement of SamsonVT which demonstrates belief in the company’s potential – we are thrilled to have their backing. There is a huge desire for smart technologies that help OEMs improve customer service, while also allowing them to operate more efficiently and in a more sustainable way.
“We can help them achieve these goals and this funding will enable us to provide our solutions to more organisations far sooner.”
Aidan MacMillan, senior investment manager with Par Equity, said: “SamsonVT has the potential to become the go-to platform for the after sales market, an industry that is vast in size, fragmented, and characterised by a lack of innovation. The COVID-19 pandemic has accelerated the move to digital, and Sam, Ed and the team have an ideally placed product geared towards Industry 4.0.”
Stanton Green, of Blumberg Capital, said: “We are excited to partner with Sam, Ed and the entire SamsonVT team including Par Equity and Sand Hill East. After sales is a $400bn global marketplace experiencing a digital evolution and SamsonVT will be at the forefront, helping a growing market make the transition. We look forward to the journey ahead and helping SamsonVT make an impact on Industry 4.0, across the U.S. and globally.”
Andy Brown, Sand Hill east CEO, said: “We were attracted by SamsonVT’s ability to disrupt and digitise aftermarket servicing and order fulfillment, and wanted to participate and work with them to build out the business and bring their unique capabilities to the Americas market.”