EV Tech investee, Provexis plc, discovers, develops and licenses new technologies for application in the nutraceutical and medical food markets.Provexis Limited was founded in 1999 by Dr Bill Mullen of Angle plc to commercialise the Cardioflow® (formerly Fruitflow®) anti-thrombotic technology discovered at the Rowett Research Institute by Professor Asim Dutta Roy.EV Tech first invested in the company in late 2002 to support early clinical trials for the technology, after recognising the significance of the potential applications in heart and cardiovascular health..
Cardioflow® is a novel bioactive ingredient extracted from tomatoes and has been clinically proven to maintain healthy blood flow by reducing the propensity to excessive blood clotting associated with cardiovascular disease. The benefits are now available to consumers via the Sirco® pure juice brand, produced under licence, which contains the CardioFlow® anti-thrombotic technology.
Since its initial investment of £300,000, EV Tech has continued to support the company and provide tranched investment against a number of key target milestones.Recent developments include two additions to the R&D pipeline: a technology from the University of Liverpool for the treatment of clostridium difficile; and a technology from the University of Manchester for the treatment and prevention of peptic ulcers. The company has also recently announced that the authorisation process by the European Commission for the use of a health claim for the Cardioflow® anti-thrombotic benefits is at an advanced stage. Following completion of this process, the product will become the first technology to have a health claim adopted under Article 13(5) of EFSA’s new legislation.
The Real Lancashire Black Pudding Company manufactures and supplies the world-famous black pudding delicacy, using traditional methods and a closely-guarded recipe which dates back to 1879.
Andrew Holt, proprietor of the company since 1993, identified an opportunity in the market to produce black puddings on a wholesale basis, initially mainly to wholesale butchers and, more recently, to the foodservice sector and retail multiples.
Andrew approached EV at a time when the business had outgrown its premises following the increase in demand. He was manufacturing and trading at two sites, and did not have the space to develop the product range and packaging. EV provided funding to support the relocation and associated costs alongside the company's bank and an equity investment from the proprietor, meeting the cost of refurbishment, machinery and equipment purchases and working capital requirements.
Glamorous Travel Limited, founded by Chinese and UK national Yan Zhang, is an inbound tour operator that specialises in providing tailor-made special-interest tour packages for Chinese nationals visiting Britain and Continental Europe.
Yan approached EV with her business plan, which set out her ambition to organise UK and European tours for Chinese nationals, in specific areas. Her field research in China suggested substantial un-met demand and limited competition in these markets, and increased interest in these areas amongst growing numbers of affluent Chinese people.
Yan was invited to meet with the EV investment team to talk through her personal aspirations for her business ideas, setting out her short to medium-term funding requirements. The EV team was very impressed with Yan’s entrepreneurial approach and her commercial ability, and was convinced by Yan of the business opportunity in the market.
Following negotiations with Yan and her business mentor, the all-important equity funding package was provided by the North West Fund for Venture Capital, to meet the company’s costs during its first year of trading.
eoSemi is a semi-conductor company that has developed the technology to replace quartz crystals in all varieties of electronic systems.
The company approached the EV Tech investment team to discuss the possibility of securing funding to support the commercialisation of its patent pending solution for all-silicon replacement of quartz crystals. This solution allows a move away from physically-vibrating devices, predominantly crystals, with the associated high manufacturing cost, large package size and susceptibility to shock.
Moreover, the all-silicon approach allows the timing reference to be incorporated onto the existing silicon of the device for the first time thereby reducing part-count, cost and size further. The global markets to which this new technology could be applied are wide, ranging from consumer goods, industrial and automotive systems and wireless applications to more basic applications such as clocks and timers.
After detailed research into the market and technical due diligence, the EV Tech team was able to put together an attractive funding package, against a set of key development milestones, to support the company in taking its product to market.
Sheffield-based Tangentix Limited was established to pursue the commercialisation of new technology from the team at the University of Bradford, led by Professor Hassan Ugail. The team has developed a way of handling 3D graphic models which has the potential to improve and enhance the graphics of video games and movies and to change the way they are implemented in consumer electronics. The global markets to which this new technology could be applied range from game production and distribution, through to the silicon devices used in computers and consoles.
The company met with the EV Tech team to talk through the concept; as well as discussing possible funding structures, the team was also able to work with the company and offer guidance on the potential applications of the technology, alternative commercial routes going forward and help to identify a number of high calibre specialised individuals to work alongside the team to help pursue those routes.
Xeros has developed "virtually waterless" clothes cleaning. Harnessing over 30 years of research at the University of Leeds, Xeros is the brand name for a patented polymer-based cleaning system that creates a step change advantage in the cost and environmental impact of aqueous wash cleaning.
The company's washing innovation saves up to 90% of the water compared to conventional laundry systems and gives the same performance as conventional washing. The patented process uses reusable plastic beads alongside detergents, to absorb and remove dirt and has the potential to provide significant benefits in energy and water efficiency without any compromise to performance.
Following initial discussions, presentations of the technology and technical due diligence, the EV Tech investment team was keen to support the company which it believed had global commercial potential. The funding round of £920,000, which was led by EV, was put in place to finance the next stage of the company's development, and to extend discussions with commercial partners.
Molecular diagnostics company, Biofortuna, designs and develops innovative genotyping and antibody screening tests for the clinical healthcare market. It creates easy-to-use diagnostics that address complex genotyping issues. Its novel processes, extensive experience and patented techniques are directly applicable to genetic tests for use in organ transplantation and management, blood banking, disease identification, microbiology and pharmacogenomics. Its tests aim to increase laboratory productivity and improve quality in clinical testing and patient care.
The company was formed in 2008 and during the following year, signed sales and distribution agreements for European and North African markets, as well as securing regulatory approvals on its first product range.
The funding provided by EV Tech was part of a £1.1 million package, which was used to launch the company's first diagnostic genotyping products and to allow it to continue development of its future product pipeline.
Rock Networks Limited was established in 2011 by Stewart DeRoma (Managing Director), Dan Cunliffe (Technical Director) and Julian Jackson (Chairman). The team had worked together for a previous venture-backed business and, having played supporting roles in building two businesses through to successful exits, decided the time was right to take centre-stage and build a business of their own.
The company is a voice and data specialist, providing expert advice for companies looking to access the latest technology. It delivers everything a customer needs to work in an efficient and effective way from a single supplier and with one point of contact.
After a direct approach, the investment team met with the company directors and was impressed with their track records in building successful businesses and their experience in the industry. EV was able to put together a funding package to support the company's start-up costs to enable it to establish itself with the resources to meet all the unified IT and communication needs of its customers.
Edge Public Solutions was founded in 2010 by Managing Director, Jim Aspin, alongside a number of colleagues who had previously worked together for a venture-backed business and now wanted to run their own operation.
Edge Public Solutions works across the public sector offering sustainable transformation at a time when the public sector is being financially challenged like never before. Edge works with existing management teams to identify and deliver efficiencies without affecting the quality of service, whilst putting its fees at risk for non-delivery. In a political climate of additional scrutiny surrounding the use of external expertise, this is a hugely powerful proposition.
The investment from The North West Fund for Venture Capital enabled the company to build on a successful first year of trading, during which it was engaged by a number of local authorities across the UK as a partner in their strategic change management plans.
The Real Lancashire Black Pudding Company manufactures and supplies a range of specialist puddings, using traditional methods and a closely guarded recipe which dates back to 1879.Andrew Holt, proprietor of The Real Lancashire Black Pudding Company since 1993, identified an opportunity in the market to produce black puddings on a wholesale basis, initially supplying mainly wholesale butchers and, more recently, the food sector and multiple retailers.The company now manufactures and supplies specialist black, white and vegetarian puddings, using traditional methods and a closely guarded recipe which dates back to 1879.The puddings have won many major awards, including The Best Black Pudding in Great Britain, as well as numerous European awards year after year in France, Belgium and The Netherlands. The product range has featured on Rick Stein’s BBC series, Food Heroes and is stocked by a number of national supermarkets as well as London’s exclusive Fortnum & Mason.
Andrew approached EV at a time when the business had outgrown its premises as a result of an increase in market demand, and was manufacturing and trading at two sites, and simply did not have the space to develop its product range and packaging. EV discussed with Andrew the possibility of providing funding to support the relocation and associated costs of providing an investment, and EV was able to arrange a loan, on behalf of its client, Rosebud, and alongside the company’s bank and proprietor’s contributions, which supported the cost of refurbishment, machinery & equipment purchases and working capital requirements.EV Small Firms is able to consider businesses at all stages of their development from start-ups through to expansion finance to management buy-out opportunities.