Data monitoring business attracts £100,000 investment
A WORCESTER-based data monitoring business is poised for further growth following a £100,000 investment from venture capital specialists Midven and Minerva Business Angel Network.
Caption Data Limited (CDL) delivers cloud-based, real-time remote data monitoring services to customers allowing them to access and assess data from distant sites and control that equipment via PCs, tablets or smart phones.
The company – formed in 2008 – has already made inroads in the environmental and structural monitoring sectors and is now poised to leverage additional business opportunities through expansion.
Caption Data’s monitoring equipment helps construction companies, damage restoration firms and other organisations such as the Environment Agency and water utilities to operate more efficiently, save money and meet obligations by monitoring assets or projects for which they are responsible.
Jon Penn, managing director of CDL, said: “Caption Data has grown to just under £500,000 in turnover very quickly and has developed a whole suite of products, but in order to grow more significantly and sell those products internationally, we needed investment.
“In addition to the environmental and structural monitoring markets we are also expanding into providing monitoring systems to original equipment manufacturers (OEMs) and we will continue to develop the business as more volumes come on-stream.”
Tim Powell, director of Minerva, which operates a number of investor groups including one based in Malvern, said: “Our investors were impressed with the advances the company had made in the last 18 months, their plans for growth that with investor support in both money and expertise they will now implement.”
Duncan Kerr, investment director at Birmingham-based Midven, said: “Caption Data’s products and services are well integrated and are first-to-market as a full service cloud-based offering.
“They have quickly established themselves in a number of sectors and there is an abundance of opportunities with companies they are currently engaged with, as well as new prospects which have been clearly identified.”
