£643k investment by LBA anchors Phase Vision’s £1.5m funding round, marking the 17th deal that LBA has closed in 2011 with total investment of over £10m into the early stage market
Loughborough based industrial inspection instrumentation company Phase Vision has closed a £1.5m funding round which was anchored by a £643k investment by LBA, including a £100k investment by the LBA EIS roundtable syndicate fund. The deal marks the 17th and biggest deal that LBA has closed in 2011 and takes LBA’s total level of investment in 2011 to circa £3.2m with co-investment of another £7m into the early stage market.
Phase Vision has developed and sells a range of high precision measurement devices to manufacturing companies. Its instruments enable the aerospace, automotive and nuclear industries to manufacture and test systems more quickly and cheaply with reduced environmental impact. The company will use the funds raised to employ more staff and boost its U.K and export sales
Ralph Weir, Phase Vision CEO comments, ‘I’m delighted to have received this support from our existing investors and the business angel community. We have an exciting and innovative product which is now being adopted by major manufacturing companies and I’m keen to see it roll out around the world. Our team has worked hard to get Phase Vision to this stage and now we have the resources to go for growth’.
Nathan Hill, lead LBA investor, who has joined the Phase Vision Board as a non-executive Director comments, ‘I’m passionate about participating in the resurgence of British High Value Manufacturing and Engineering businesses. We work as an open syndicate, bringing together the skills and financial resources of a wide range of investors with technology and business experience. I’m particularly pleased that Phase Vision’s products enable efficient manufacture with reduced environmental impact. I look forward to seeing this business grow from strength to strength’
Anthony Clarke, Managing Director of London Business Angels comments, “I am delighted that LBA effected introductions to 20 individual investors and a £100k investment from the LBA EIS roundtable syndicate fund. With circa £3.2m invested into 17 high-growth in 2011, LBA continues to be one of the most active angel networks in the U.K. Phase Vision is a very good example of the value a highly experienced lead angel investor can bring to successfully securing an angel investment round.”