Major Investment in Sigmavision
Sigmavision Ltd is announcing a major investment in its business from new funding partners
A consortium, led by Mercia Fund Managers, has invested a major sum with the option of substantial follow on funding.
The investment represents a significant opportunity for the global automotive aftermarket to benefit from Sigmavision’s patented 3D tyre measurement technology. Most importantly, deployed funds will rapidly scale production capacity to meet increasing demand. The investment will also develop a global sales and aftersales support network, and accelerate product development.
Mercia has a track record of investing in innovative and market leading technology businesses. Typically taking minority shareholdings, Mercia leaves management free to develop their businesses. Mercia provides a ‘Complete Capital Solution’, comprising a range of debt, venture and growth capital to qualifying, UK based businesses.
Business Growth on a Global Scale
Dr Andrew Pryce, Sigmavision’s Managing Director, comments “Mercia set the bar very high, so we are incredibly proud to qualify for their investment. In addition, we are excited to have found a finance partner who can deliver significant follow on funding. This will be important, as we grow our business on a global scale”.
Andrew adds “Having invented 3D tyre measurement for the automotive aftermarket we chose initially to distribute our TreadReader™ technology through an exclusive supply agreement with Hunter Engineering.
This exclusivity has now ended and we are free to supply the entire global market with our Drive Over and Hand Held Scanner solutions. Consequently, over the next 12 months, we will be making some exciting product announcements about how and where we do business. Our ambition is nothing short of making 3D tyre measurement the de facto, industry standard.”