The Midlands Engine Investment Fund (MEIF) Debt Finance, managed by Maven Capital Partners (Maven), has provided EarthSense Systems Limited (EarthSense), air quality monitoring and modelling data firm, with a GBP100,000 loan.
The funding will enable the business to invest further in research and development while also creating new jobs in the East Midlands.
EarthSense monitors levels of air pollution using innovative hardware helping to create key data sets of use to a range of clients including local authorities, health services, pharma businesses and government.
The firm’s technology draws on satellite data and air sensors to analyse historic levels of air pollution and accurately predict low levels of air quality in certain areas, helping inform policy decisions and enabling local authorities to direct resources into public health programmes.
Air pollution is a major public health risk. The World Health Organisation has stated long-term exposure to air pollution reduces life expectancy through higher risk of death from lung, heart and circulatory conditions. As political focus attention increasingly turns to climate change and air quality worldwide, the market for companies providing air quality services is growing.
EarthSense’s Technical Director, Professor Roland Leigh, has spent more than 15 years at the University of Leicester developing new technologies for air quality monitoring and modelling and led a number of flagship technology demonstration projects in this field. EarthSense’s managing director, Tom Hall, has 20 years’ experience specialising in taking new technologies to market.
David Tindsley, Investment Manager at Maven Capital Partners, says: “EarthSense is helping to address a very real problem every country in the world is facing and we are delighted to support a company whose objectives are focused on the planet’s climate issues and supporting other companies to do the same. The management team are dedicated to driving the business forward and the business is well placed to address the significant demand in this market.”
Tom Hall, Managing Director at EarthSense, says: “Our business is centred around delivering products and solutions that provide significant value for our customers in order to make a real difference in people’s lives. This loan will support us with our product development plans and will accelerate our growth plans. We look forward to working with the MEIF team to achieve this.”
Lewis Stringer, Senior Manager at the British Business Bank, says: “Research and development is an important tool for businesses looking to grow. It’s great to see MEIF funding being used to combat serious issues such as poor air quality. As Midlands businesses continue to innovate, we encourage other SME’s in the region looking to grow, to consider the funding options available through the MEIF.”
Mandip Rai, LLEP Chief Executive, says: “Air pollution is a problem that must be urgently addressed. It’s fantastic, therefore, that a Leicester-based company is one of our key sectors, space technologies, is making such strides in the field of air quality monitoring. With this funding from MEIF, EarthSense will be able to continue their research into the future, and contribute to breakthroughs and innovations that will help address the problem of air pollution and help us all to breathe more easily.”
The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.