MFM on song as it backs Canary Systems’ growth
WARWICKSHIRE-based funding supplier Mercia Fund Management has pledged its support to help finance the development of a new technology company.
MFM, based in Henley in Arden, provides investment, incubator space and business support services for fast-growing technology companies. The latest to receive its help is Canary Systems.
Canary Systems offers a unique solution for elderly people looking to remain independent for longer in their own homes. The system uses mobile and wireless technology to monitor daily activities and track movement, heat and light within an elderly person’s home. Text and email alerts are then sent to friends and family members to provide reassurance without impacting on the elderly person’s dignity or privacy.
MFM, which has more than £19m under active management, has invested as part of a first tranche of a seed round.
Canary Systems will be seeking additional funding from investors in the coming months as part of a second tranche to help it with a full launch and to run a series of pilots and large trials with local authorities and domiciliary care organisations.
William Cotton, chairman of Canary Systems, said: “Initially the funding has helped us to further refine the product ahead of its market launch and to build our first production order.
“We are excited to be working with Tim Hazell and the MFM team, and look forward to receiving the benefit of their expertise as we fulfil our potential. We are delighted that MFM has committed to a second round of investment and this follow-on funding will enable us to realise a full national launch to both B2B customers and direct to consumers.”
In addition to using a series of discreet sensors to monitor movement, the system includes a care card to track carers or other visitors entering the home. Canary Systems will also develop additional sensors and related services, such as panic alarms and home occupancy sensors to deliver a complete solution for care of the elderly and vulnerable within the home.
Tim Hazell, Senior Investment Director at Mercia Fund Management, added: “William was known to us and our investment panel, and we are thrilled to support him and his team in his latest venture. Canary Systems is just one of the companies that form part of Mercia Fund Management’s expanding portfolio of innovative and scalable businesses. Technology which helps the elderly and frail to live safely in their own homes is an exciting growth area and Canary is ideally placed to address this opportunity. We are very excited about the prospects for both the company and our investment.”
Mercia Growth Fund 3 is the latest incarnation of the company’s EIS / SEIS hybrid fund. The fund offers initial and follow-on funding to companies with a growing revenue base and highly scalable technology offering at their core with global applications.
