Maven invests £750,000 in tech innovator PervasID

Co-investing alongside leading EIS investors, Parkwalk Advisors, the transaction includes investment from two Maven-managed regional funds: a £375,000 investment from the Finance Durham Fund established by Durham County Council and overseen by Business Durham, and a £375,000 investment from NPIF II Maven Equity Finance, which is managed by Maven as part of the Northern Powerhouse Investment Fund II.

PervasID has developed its own patent-protected RFID fixed readers, which offer world-class accuracy over range to track passive RFID tags, and is now the first in the market to offer remote tracking capabilities. The business launched its Track Master solution in 2017, a real-time location tracking system with customers in a wide range of sectors including healthcare, logistics, retail and aerospace, which allows for more precise inventory and stock management, as well as the ability to use real-time data to understand customer purchasing insights and reduction in shrinkage (i.e. theft).

The business was originally a spin-out from Cambridge University in 2011, founded by Dr Sabesan Sithamparanathan, an award-winning entrepreneur in the Internet of Things (IoT) space. With the growth of the IoT industry in the North East and the appointment of experienced CEO Peter Oram in June 2023, the business opened a second base at NETPark in County Durham to take advantage of the skills and expertise within the area’s growing RFID cluster. 

Today’s transaction will help fund PervasID’s growth strategy to expand its customer base following increasing demand from large customers in retail and aerospace. The investment will also support further R&D to enhance its software products offering in data analytics to complement its world-leading hardware solutions. IoT continues to experience huge growth and adoption across different sectors, with retail one of the fastest growing early adopters of passive RFID tags and systems. As the cost of passive tags continues to reduce, more and more businesses are adopting them for a range of purposes.

"We are delighted to close out this first phase of our investment round with the support of Parkwalk and Maven. Maven is 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."

Peter Oram, CEO of PervasID

“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 we are delighted to be part of this journey.”

Rebecca MacDermid, Investment Manager at Maven

"NPIF II is continuing to back innovative, high-growth businesses throughout the North by providing vital investment. Whether it’s to empower entrepreneurs to expand their customer base or enhance their R&D efforts, this investment into PervasID showcases how funding can cultivate a more innovative and prosperous regional economy.”

Sarah Newbould, Senior Manager at British Business Bank

"We are delighted to support PervasID’s journey through the Finance Durham fund, strengthening their position within the thriving technology cluster at NETPark. Their decision to expand from Cambridge last year reflects the benefits of NETPark’s collaborative environment and highly skilled workforce, which offer a strong foundation for pioneering companies like PervasID. We look forward to seeing them succeed as part of NETPark’s innovative community, helping to drive economic growth and foster cutting-edge developments in County Durham."

Sarah Slaven, Managing Director of Business Durham

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The Finance Durham Fund is part of Business Durham’s strategy to deliver economic growth across County Durham by supporting local ambitious and entrepreneurial businesses who need access to the funding they require to grow. The Fund provides flexible equity, debt or mezzanine funding packages from £150,000 to £2 million for early stage and established businesses, investing across all sectors. 

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