NW Fund backs software firm

THE North West Fund has invested £110,000 in a business that makes software that helps biomedical companies to comply with legislation.

The fund’s £25m biomedical arm, managed by SPARK Impact, has taken a minority stake in Northwich-based Compliance Control which has come up with a system that helps pharma, life sciences and medical devices, businesses to monitor compliance procedures in real time.

The firm says this replaces ad-hoc systems and unmanageable paperwork.

Chief executive David Forrest said: “We believe this software could be a game-changer for small and medium-sized businesses, reducing the risk and cost of non-compliance and allowing them to focus their finances on R&D and sales processes.

“The investment from The North West Fund for Biomedical and their belief in Compliance Control has not only allowed us to achieve the progress we have thus far, but it also positions us to realise the true potential of the business.”

Dr Penny Attridge, senior investment director at SPARK Impact, said: “David and his team have an excellent track record in the field of validation and compliance and their software will provide a tremendous boost for early stage organisations as they bid to expand their operations while staying on the correct side of the regulatory track.”

The £170m North West Fund is financed by the European Regional Development Fund and the European Investment Bank.