Midven invests in AccurIC through early stage fund
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Venture capital firm Midven has backed UK entrepreneur Dave Bannister through its Early Advantage Fund.
AccurIC has secured growth capital in a deal which sees £105,000 worth of funding from Midven's Early Advantage Fund matched by a private investor.
Founded in 2011 by Dave Bannister, Worcester business AccurIC provides technology which improves the reliability of light-emitting diode (LED) installations.
The business currently has patent pending designs for its LED lighting drivers which are said to reduce the maintenance costs associated.
AccurIC's new funding will be used to commercialise the new range of drivers, and then to increase the breadth of its product range.
Bannister, the company's chief executive, says, 'This investment is fantastic for my business. It will mean that we have the money and resources to enhance our existing product and take it to market.'
Midven's £8 million Early Advantage Fund provides investment for what it determines to be small, high growth businesses at start-up and early-stage in the West Midlands.
The fund can make an initial investment of up to £125,000 if matched by private money, and can invest a further £275,000 in later rounds.
The fund's last commitment came in March when it was part of a deal which saw Birmingham-based technology business PlayMob secure £500,000 of funding to grow its staff count and develop its business model.
Giovanni Finocchio, investment manager at Midven's Early Advantage Fund, adds, 'We liked the technology and the founder. He has a wealth of experience in electronics and business development having worked at QinetiQ for more than 20 years, and he has a great number of product ideas.'
Birmingham-headquartered Midven manages five funds and has £61 million under management.