On the same wavelength: Muckle advises Maven on tech investment
Our award-winning corporate team has supported Maven in its investment of PervasID.
PervasID is a Cambridge University spin-out that recently launched a new base at County Durham’s NETPark.
The world-leading technology company has developed innovative, patent-protected Radio Frequency Identification (RFID) fixed readers that offer unparalleled accuracy over range for tracking passive RFID tags.
Collaborative funding
Maven’s investment is part of a £3.25m funding round, led by Parkwalk Advisors. Two Maven-managed regional funds contributed: 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, supported by the British Business Bank.
This funding will support the global rollout of PervasID's Trackmaster 2X, facilitate the addition of strategic hires, and enable further R&D to enhance its software product offerings.
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 [Oram, CEO] and Sabesan [Sithamparanathan, founder], 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.”
Local economy growth
Stephanie Brown, partner in our corporate finance team, led on the advice to Maven.
Stephanie said: “We are delighted to have advised Maven on its investment in PervasID and to be involved in this next stage of growth for such an exciting business.”
Rebecca said: “Steph’s support and advice was instrumental in facilitating this transaction for Maven. Her expertise and pragmatic approach enabled a smooth process to successfully complete the investment.”
For more information about this deal, contact Stephanie using [email protected] or 0191 211 7991.