In our latest funding round we have secured £3.25m, led by Parkwalk Advisors, the UK’s largest investor in university spinouts. This round includes £750,000 of investment from two Maven-managed regional funds: the Finance Durham Fund established by Durham County Council and overseen by Business Durham, and NPIF II Maven Equity Finance, part of the Northern Powerhouse Investment Fund II
Our patent-protected RFID fixed readers, offer world class accuracy over range to track passive RFID tags and are now the first in the market to offer remote tracking capabilities. From a start-up spinning out of Cambridge University to a scaling multi-million pound business, we are now working with some of the world’s largest global retailers and businesses within the aerospace, health and manufacturing sectors to deliver real time inventory location tracking across multi-country infrastructures.
Funding from this round will help us to supercharge our growth strategy to expand our customer base following increasing demand from large customers in retail and aerospace. The investment will also support the accelerated global roll out of Trackmaster 2X, with the addition of new strategic hires, as well as further R&D to enhance our software product offering in data analytics to complement our world-leading hardware solutions.
PervasID was founded in 2011 by PervasID President Dr Sabesan Sithamparanathan OBE, with a mission to bring more accuracy and value to multiple sectors when it came to tracking inventory in real time. Their latest innovation the TRACKMASTER 2X can now deliver near 100 percent accuracy over an area of up to 240m² (2,600 ft²) area using single reader as well as locate the item with a Real Time Location System powered by AI. A solution that meets both performance and affordability criteria around the world.
Peter Oram, PervasID CEO said: “We are delighted to close out this first phase of our investment round with the support of Parkwalk and Maven. Maven are joining us at what is a very exciting time in our journey as we head towards a new chapter. Having worked with Parkwalk for 6 years, it’s fantastic to carry on our strong relationship as we deliver on our ambitious plans. The growth we have seen in recent years is a testament to our market leading innovation and we can’t wait to use this investment to take the business to the next level.”
Moray Wright, Chief Executive at Parkwalk Advisors added: ”We are excited to be supporting PervasID in their next phase of growth and innovation. With the rollout of Trackmaster 2x, the company is on a rapid growth trajectory and is a great example of the world-class innovation that is coming out of the Cambridge University ecosystem.”
Rebecca MacDermid, Investment Manager at Maven said: “PervasID’s passive RFID tracking technology is world-leading in terms of accuracy over range, and we are excited to work with industry experts, Pete and Sabesan, as they navigate a business that is on the cusp of rapid growth, with some exciting customers lined up across a range of sectors. With the increased demand for RFID tracking solutions, the company is primed for expansion and and we are delighted to be part of this journey.”
