An innovative Burnley-based business has been boosted thanks to funding secured through TEChINVEST, the Northwest Regional Development Agency (NWDA)'s business angel network.
The £182,000 investment, raised from a combination of sources, including private investors, Michelin development funding, Enterprise Ventures and HSBC Bank, will ensure Process Instruments can manufacture and market new products to support its ambitious growth plans in the waste, water, paper and chemical sectors.
After receiving advice from the agency's specialist team of business angel finance advisors, Process Instruments presented its business case at a TEChINVEST Investor Club meeting. With plans to develop a number of cutting-edge products, including the UK's first autocalibrating water safety device that analyses parts-per-million of chlorine, Process Instruments soon attracted interest from private investors.
"The support we received from TEChINVEST was excellent and we really couldn't have secured the funding without the team's help," said Mike Riding, managing director of Process Instruments. "Our advisor helped us to prepare the most appropriate presentation and within a matter of months, we had reached our £175,000 target."
"Importantly, our 'angel' will also act as company chairperson, using his experience to help provide strategic business advice and guidance to ensure we can meet our growth targets."
Vivienne Upcott-Gill, founder and manager of TEChINVEST added: "Process Instruments is growing rapidly and has significant potential to grow which was recognised immediately at the Investor Club meeting."
"It was clear from its presentation that the company has the experience and expertise to enhance its specialist range of products for the processing industries and this was immediately recognised by our investors."
TEChINVEST is one of the UK's longest established and most successful business angel networks. It forms part of the North West Regional Development Agency's broad portfolio of business finance options, designed to help entrepreneurs, start-ups and growing companies generate employment opportunities and wealth as part of the region's thriving business economy.
Deborah Garritty/Emily Goehler, Bell Pottinger North (01625) 506444
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