The Finance Durham Fund has invested alongside the North East Venture Fund in the £400,000 funding round for technology provider Plexus Innovation. The business has developed GUARDIAN®, a remote, automated measurement and alert system that focuses on environmental data.
Its innovative monitoring technology reduces the risk of Legionella by ensuring temperature in water or refrigeration units is at an optimum level to protect health. The GUARDIAN® product is helping care homes and social housing providers to identify and reduce the risk to tenants from the water born disease, Legionella.
The investment from the Finance Durham Fund will enable Plexus to grow its team, accelerate the development of its next generation products and boost the market penetration of its GUARDIAN® technology.
Michael Dickens, Investment Director at Maven, said: “Plexus Innovation has developed an innovative proprietary product that addresses legislative issues, pushing the entire sector into the 21st Century. GUARDIAN® fills a void in the market and is already attracting high profile clients. This means the market opportunity is significant. We look forward to supporting the management team grow the business.”
Sarah Slaven, interim Managing Director at Business Durham, added: “We are delighted to be investing in Plexus Innovation, it is an excellent example of the kind of innovative and dynamic company Finance Durham was set up to help. The investment will create new jobs in this exciting sector and enable Plexus to take advantage of the opportunities that do and will exist to build a stronger, more resilient economy”.
Cllr Carl Marshall, Durham County Council’s cabinet member for economic development, said: “Our long-term ambition as a council is to preserve a thriving environment for businesses to grow while creating and safeguarding more and better jobs. Through the support from Finance Durham, we can ensure enterprising businesses with dynamic ideas have the right means to expand, allowing them to create more jobs and investment opportunities in the area as their business grows. Plexus Innovation have developed a technology that will benefit the care sector, and the county, for many years to come.”
If your business is in need of finance to help unlock its growth potential, the Finance Durham Fund may be able to help. Contact our team today on 0191 731 8595.